Canada’s Innovation and Skills Plan

Canada’s Innovation and Skills Plan represents a comprehensive strategy aimed at positioning Canada as a global leader in innovation while ensuring economic growth that benefits all Canadians. This plan emerges at a time marked by significant global changes and opportunities, driven by rapid advancements in technology and shifting economic landscapes. As nations worldwide embrace innovation to rethink daily life management, urban development, and economic growth, Canada recognizes the imperative to equip its workforce with the necessary tools to thrive in this evolving environment.

The Innovation and Skills Plan is fundamentally people-centric, emphasizing the development of a skilled, talented, and creative workforce. Canada boasts a rich history of being fortified by its natural resources, yet its true strength lies in its diverse, well-educated, and industrious population. The plan seeks to harness this human potential across all sectors of the economy, driving the creation and commercialization of innovative products, ideas, and services.

Building a Skilled Workforce

At the core of the Innovation and Skills Plan is the commitment to lifelong learning and skill development. Canada is home to one of the world’s most educated workforces, but continuous learning and adaptation are crucial in an increasingly competitive global economy. To address this, the plan includes significant investments in training and employment supports, ensuring that all Canadians, particularly the unemployed and underemployed, have access to the resources needed to acquire new skills, gain practical experience, and even start their own businesses.

The federal government has allocated $2.7 billion over six years to modernize the Labour Market Transfer Agreements. This initiative aims to enhance access to training, improve outcomes, and simplify the system, making it more responsive to Canadians’ needs. Furthermore, the plan introduces expanded eligibility for Canada Student Grants, particularly benefiting adult learners and those with dependent children, facilitating their return to education and skill enhancement.

Innovation and Economic Growth

The plan also outlines measures to foster innovation across various key sectors. By establishing Innovation Canada, the government aims to streamline access to numerous innovation programs, reducing bureaucratic hurdles and ensuring that innovators receive timely and relevant support. The creation of innovation superclusters is another pivotal aspect, with a proposed investment of up to $950 million over five years. These superclusters, focusing on industries such as clean technology, advanced manufacturing, and digital technology, are designed to drive economic growth by encouraging collaboration and knowledge sharing among businesses, academic institutions, and specialized talent.

Support for Canadian Innovators

In addition to fostering a conducive environment for innovation, the plan supports Canadian entrepreneurs through enhanced access to venture capital. The Business Development Bank of Canada will make available up to $400 million over three years for the Venture Capital Catalyst Initiative, aimed at providing late-stage venture capital to young, established businesses, helping them scale and grow.

The global market’s increasing demand for sustainable and renewable energy sources positions Canadian clean technology companies at the forefront of this sector. Through its commitment to Mission Innovation, Canada has pledged to double investments in clean energy research and development over the next five years, with Budget 2017 supporting this commitment through substantial funding and financing initiatives.