The future of work in innovation and technology looks bright for Canadians thanks to strong investments in the 2022 Federal budget
MindFuel is excited to see such strong investments in innovation and productivity in the latest budget released by the Canadian government. The new budget sets MindFuel up to not only tackle the challenges we face, but build-up forward thinking systems that prepare us for the innovation challenges of tomorrow.
Canada already has the potential to lead in high-tech, clean-tech and innovative growth – to drive the economy forward and provide a pipeline of jobs to students and graduates that are quickly coming into the labour force. The government’s investments in innovation, technology and support for accelerated growth and scale-up help solidify that potential and push our economy forward.
“We’re very pleased to see that this budget hits on all of the major innovation challenges we’ve seen in the Canadian landscape with clear investments and policy targets to move us forward and drive economic growth,” said Cassy Weber, MindFuel CEO.
The Canadian Innovation and Investment Agency
This budget responds to the problems that the innovation sector has faced and recognizes that clear investment and policy direction is needed to move Canada forward.
One of the biggest proof points of intention is investment into creating a Canadian Innovation and Investment Agency. With one billion dollars being distributed over five years, a new focus on proactively working with, and supporting, Canadian industry in its ambitious goals for research, development and commercialization of new technologies will make waves in the Canadian STEM and innovation community.
MindFuel is proud to be part of the landscape that is harnessing the strengths and smarts of the young minds that will benefit from these kinds of investments through programs that build an innovation mindset amongst youth. This will support MindFuel’s mission to develop key skills through mentorship connections and hands-on learning, and allow students to explore innovation, entrepreneurship and commercialization outside the classroom.
“What we need to do now is make sure those large-scale investments benefit the right groups of people, and one of those groups is young Canadian students, especially those that are marginalized such as new Canadians, racialized and Indigenous youth,” says Weber.
Supporting Key Sectors
Beyond direct investments into the new Innovation and Investment Agency, Budget 2022’s support of key sectors problem solving in areas of climate, life science, and energy development are critical in creating STEM and innovation oriented jobs. The clean economy and energy transition are not only critically important to young Canadians – but also where they are innovating solutions in renewables and alternative energy. That is why investments like these are so important for the work we do at MindFuel.
Weber says, “Students across this country are benefiting from innovation programming and our five year plan through to 2027 for Canada Tech Futures. This youth innovation gateway will focus on expansion across Canada that will engage over 10,000 new students in innovation thinking and developing entrepreneurial skills. We’re excited by the priorities presented in the budget, which translate into policies that allow us to support these students with these new investments to become Canada’s innovators.”
Investments like the $15B in the Canada Growth Fund and assorted investments in EV infrastructure, the Agriculture Clean Technology Program, and CCUS are setting MindFuel up for success today and into the future. Further investments into the Innovation Superclusters are also welcomed, and certainly are well positioned to benefit young innovators in supporting their work in emerging sectors such as nanotechnology, synthetic biology, agriscience, robotics, and artificial intelligence.