It is with the help of new technologies that entrepreneurs succeed in developing new products, improving production methods, deploying new marketing strategies and implementing new organizational practices.
Businesses and organizations across all sectors need innovative solutions to stand out from the competition, enhance their productivity and ensure sustainable growth.
46 Quebec businesses and organizations benefit from $16.4M to develop their ideas
The Quebec entrepreneurial ecosystem abounds with SMEs that have developed technological solutions to optimize how they produce goods and offer services. These solutions are enabling Quebec to be more resilient in the face of economic issues caused by the health crisis.
For many years now, the Government of Canada has set itself the mandate to boost innovation and the marketing of these initiatives, to the benefit of businesses and consumers. The Minister of Economic Development and Official Languages, the Honourable Mélanie Joly, today announced financial support totalling $16,425,487 for 46 innovative projects that have emerged out of the ingenuity of homegrown entrepreneurs.
These contributions make it possible to develop interactive solutions, specialized software, tailored digital platforms, online instruction programs and biotechnology products.
Bolstering accelerators and incubators to propel innovation
In addition to investing in innovative businesses, CED works in synergy with Quebec’s business incubators and accelerators. They offer crucial support for young, innovative businesses with high growth potential (start-ups) at all phases of their existence, nurturing talent and innovation.
This is particularly the case for the accelerator for the creation of technological businesses (ACET), the Centre de l’entrepreneurship technologique de l’ETS (Centech) as well as Québec International, Entrepreneuriat Laval, which are receiving non-repayable contributions of $5M and $2M, respectively. This support will strengthen the dynamism of the innovation ecosystem by mobilizing incubators, accelerators and other community stakeholders (universities, college centres for technology transfer, consortiums and research centres, etc.) around shared projects.
Additional information on the projects and financial assistance is provided in the related backgrounder.
The COVID-19 pandemic has propelled key technology trends forward, including in the areas of teleworking, entertainment, mental health, online shopping and digital payments, 3D printing and robotics. Rather than being forced to juggle with a slowdown in activity during the crisis, the technology field has above all witnessed the creation of opportunities for development, and is even considered as a solution to the current crisis and to help overcome future challenges.
Innovation will play a major role in the fight against the devastating effects of the pandemic, and the Government of Canada will continue to be a key player in supporting technological development.
Quotes
“Across the country, technology is transforming traditional industries, business development and the way we collaborate. Helping businesses to innovate so they can enhance their competitiveness and create good-quality jobs has been at the heart of our priorities for many years now. We are supporting these Quebec SMEs, whose success is well established and who will be part of the solution to bring good jobs back to Quebecers, to contribute to the vitality of our local economies and, for some, to fight against the pandemic. As today’s announcement signals, we were here for them before the pandemic, and we will continue to work together to find solutions and come back even stronger.”
The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
“We know that innovation can contribute significantly to improving the existence of citizens in Canada and around the world, who must constantly deal with global trends marked by rupture and change. The situation we are currently living is a good example of this. The Government of Canada is committed to stimulating innovation to enhance the long-term productivity and competitiveness of businesses and organizations. We are also proud to be able to offer better support to business incubators and accelerators, a true technological engine for the future.”
Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec)
Quick facts
The Honourable Mélanie Joly is the minister responsible for the six regional development agencies (RDAs), including CED.
Funds are being granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED is accompanying Quebec businesses, supporting organizations and regions into tomorrow’s economy.
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Jeremy Ghio, Communications Director, Office of the Minister of Economic Development and Official Languages, [email protected]
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
