The federal government of Canada has injected millions of dollars into a dozen ‘innovative’ companies in British Columbia, urging them to use the fund to move their product from R&D centers to the marketplace.
The investment is likely to create about 240 jobs in the western parts of the country.
“Organizations like these are promoting economic growth, creating high-quality jobs for Canadians, and furthering Canada’s innovation landscape,” said Navdeep Bains, Minister of Innovation and Science, in a statement.
Among the companies that received the funding were Jostle Corporation, a Vancouver-based technology firm that has created a cloud-based software platform promising to boost workplace efficiency by helping employees share files.
“This funding will help us extend our people-centric approach to the content part of our platform – making it easy for employees of all types to find the documents and videos they want, no matter which content repository they’re on,” said Brad Palmer, CEO and Co-founder, Jostle Corporation.
The funding is a part of the government’s Western Innovation (WINN) Initiative, which provides CAD$100 million (US$75 million) in repayable contributions to small- and medium-sized enterprises in Western Canada.
Since 2014, the ministry has invested nearly CAD$97 million through the initiative, creating over 1,600 jobs in the region.
The aim of the latest disbursement is to help the companies move their new and innovative technologies from the later stages of research and development to the marketplace.
“The announcement supports western-based companies that develop cutting-edge technology, create jobs, and spur the economy,” the ministry stated.