Pursuant to the Canadian 2022 federal budget, a new national innovation and investment agency has been announced. The budget document references The Israel Innovation Authority and the Finnish TEKES were referenced as transformative models in this respect.
The budget states:
- Budget 2022 announces the government’s intention to create an operationally independent federal innovation and investment agency, and proposes $1 billion over five years, starting in 2022-23, to support its initial operations. Final details on the agency’s operating budget are to be determined following further consultation later this year.
Further updates will be provided with respect to finalizing the design and mandate of the new agency, with details to be announced in the 2022 fall economic and fiscal update.
Christopher Alam
Christopher Alam is a partner practising with the Financial Services Group in Gowling WLG's Toronto office.