St John’s, NL – The government of Newfoundland and Labrador recently launched a new innovation strategy with the goal of enhancing R&D capacity and improving financing tools to facilitate commercialization. The program will focus on such high-growth fields as ocean technology, life sciences and environmental industries in the province.
The government says it plans to spend $20 million over the next four years for the program, with around $3 million this year allocated to a commercialization program that will help companies transform ideas into products and services. The program will also help with protecting intellectual property rights and supporting technology transfer.
In addition, $2 million will be spent this year on an innovation enhancement program that will support public institutions, industry associations and others involved in activities to boost the province’s innovative capacity. Activities include developing strategic clusters; graduate employment incentives; R&D incentive information; innovation awards; a federal-provincial innovation team; and an Advisory Council on Innovation, among others.