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New $1.26-billion fund announced for business innovation in Canada

The federal government announced a $1.26-billion Strategic Innovation Fund on Thursday to ensure business investment and growth in Canada.

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The fund will be available to aerospace and automotive firms.

It will also be expanded to support high-growth sectors such as clean technology, information and communications technology, and agri-food, through an additional investment of $200 million over three years, starting in 2017-18.

The fund is part of the federal government’s Innovation and Skills Plan.

The federal government announced a goal of doubling the number of high-growth companies in Canada from 14,000 to 28,000 by 2025 in Budget 2017.

Additional details about the Strategic Innovation Fund will be announced in the coming months.

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