April 6, 2017
The Government of Canada Announces New $1.26-billion Fund for Business Innovation and Holds the Press Conference at OPAL-RT TECHNOLOGIES’ Headquarters
The Strategic Innovation Fund supports high-growth sectors to create jobs of the future.
On March 30th, 2017, at OPAL-RT TECHNOLOGIES’ headquarters in Montreal, the Honourable François-Philippe Champagne, Minister of International Trade, announced the new $1.26-billion Strategic Innovation Fund, which will ensure that Canada remains a top destination for businesses to invest, grow and create jobs.
World leader in real-time simulation for the field of electronics and recipient of the Les Mercuriades 2016 “Entreprise de l’année” (Business of the year) award, OPAL-RT TECHNOLOGIES was the clear choice to host the Minister of International Trade and his delegation.
This new business innovation fund will be available to aerospace and automotive firms and will be expanded to support high-growth sectors such as clean technology, information and communications technology, and agro-food. To support this program expansion, Budget 2017 proposes to build on the existing funding by providing an additional $200 million over three years, starting in 2017–2018.
“OPAL-RT’s success didn’t happen in the first year: it took many years as well as the support and encouragement of both provincial and federal governments. We received our first market development subsidy from the Business Development Bank of Canada, and our first contract was from the Canadian Space Agency for the simulation of the Canadarm. That contract was made possible because the Canadian Space Agency was mandated to encourage economic development and small businesses, rather than large companies”, declared Jean Bélanger, CEO & CTO of OPAL-RT TECHNOLOGIES.
The fund is part of the Government’s Innovation and Skills Plan to create well-paying jobs and grow the middle class by investing in high-growth sectors in which Canada has a globally competitive advantage.
“With the new Strategic Innovation Fund, the Government is expanding its capacity to support high-growth sectors across the economy in which Canada has a globally competitive advantage. This new fund will build on our innovative talents, streamline program delivery and help Canadian businesses to continue creating high-quality jobs for the future. That’s how innovation builds a better Canada”, said The Honourable François-Philippe Champagne, Minister of International Trade, during the announcement
About OPAL-RT TECHNOLOGIES
Established in 1997, OPAL-RT Technologies develops and markets high performance real-time simulators used by universities, research centers and large corporations working in the automotive, aerospace, power electronics and power grid industries. Over the years, OPAL-RT has taken its place as world leaders in real-time simulation in the field of electronics by distributing powerful simulation and validation systems that feature the latest technology available on the market. For more information, visit https://www.opal-rt.com.
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