Government of Canada invests over $25.7 million to fuel innovation and economic growth in Vancouver. Photo Credit: Pacific Economic Development Canada

JOBS 💵 Government Of Canada Invests Over $25.7 Million to Fuel Innovation and Economic Growth in Vancouver

Monday, 20 March 2023 06:45.PM

- Ten local businesses and organizations will receive funding to commercialize new technology, grow their operations, and reach new markets -

British Columbia has the people, ideas and resources to create an innovation ecosystem, generating local solutions with global impact. To support B.C.'s boldest and brightest changemakers, the Government of Canada is making strategic investments in local organizations that are catalysts for Canada-made innovation with a growing global demand.

Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced an investment of over $25.7 million to help 10 Vancouver-based organizations fuel the B.C. economy, create jobs, and develop products that improve lives. This includes over $16.1 million for eight companies through the Business Scale-Up and Productivity program and over $9.6 million for two organizations through the Jobs and Growth Fund.

Minister Sajjan made the announcement at Aspect Biosystems in Vancouver, where the biotechnology company is receiving over $3.6 million in Business Scale-Up and Productivity funding. This investment will help Aspect Biosystems develop the next generation of medical treatments by broadening the application of its bioprinting technology.

Aspect's technology platform generates 3D bioprinted human tissues that restore or replace the function of damaged organs. For example, Aspect is using their technology to create insulin-producing pancreatic tissues to treat type 1 diabetes. PacifiCan funding will help the company expand its global network of partners and scale-up its manufacturing systems. Not only will this help to increase Aspect Biosystems' productivity, it will also support its goal of developing cures for currently incurable diseases.

More details about the businesses and organizations receiving funding can be found in the backgrounder in the section below.

In all, today's investments are expected to create over 500 jobs, over $500 million in revenue growth, and over $400 million in new global sales for B.C. businesses.

The Government of Canada, through PacifiCan, supports innovation, business growth and community economic development in British Columbia. PacifiCan makes strategic investments in growing companies to strengthen B.C.'s position as a domestic and international leader in a variety of sectors, such as clean technology, life sciences and digital industries.

"British Columbia is fertile ground for companies to innovate and grow. To position our local talent for success, PacifiCan is investing in the ideas, businesses and people that will be key to the economy of the future. Today's investments are making innovation work for British Columbians by delivering high-paying jobs, unleashing new ideas, and helping Canadian-made products find global success."
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada

Quick Facts

• PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan works with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province.
• The Business Scale-up and Productivity program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
• The Jobs and Growth Fund helps job creators, and the organizations that support them, to future-proof their businesses. This includes building resiliency and growth by transitioning to a green economy, fostering an inclusive recovery, enhancing competitiveness and creating jobs across British Columbia.
• Founded in 2013, Aspect Biosystems is a Vancouver-based biotechnology company that is transforming how diseases are treated. By combining its proprietary bioprinting technology, therapeutic cells, biomaterials, and computational design, Aspect is creating cutting-edge tissue therapeutics to treat incurable diseases.

SOURCE: Pacific Economic Development Canada

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