Government of Canada investment boosts innovation and SMEs in Yukon

Federal government investments to further innovation and SMEs in the North

WHITEHORSE, May 24, 2019 /CNW/ - Support for small and medium-sized enterprises (SMEs) is key to a strong and sustainable economy in the North. This is why the Government of Canada is investing over $2.2M in seven economic development projects in Yukon.

This announcement was made today by Larry Bagnell, Member of Parliament for Yukon, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CanNor.

Funding will go to Yukon College's Cold Climate Innovation, five Yukon small to medium-sized enterprises and Yukonstruct Makerspace Society. The funding will lead to increased support for entrepreneurs, new product development and SMEs.

These projects are expected to result in the creation of nine new jobs in Yukon. Through these investments, the federal government is supporting the growth of SMEs and long-term sustainable economic development in the North.

Quotes 

"The Government of Canada recognizes the important roles played by innovation and SMEs in growing the economy. The development of new products and companies in Yukon is essential to the economic wellbeing of the North and to Canada's ability to remain competitive in a global economy. This investment announced today is supporting the creation of good, middle class jobs for Canadians as well as long-term economic development in the North.

Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development and the Minister responsible for CanNor

"Yukon has a strong track-record of bringing new and innovative products to the global market. By building on that success and putting more supports in place for small businesses to develop new products, we are helping to create a stronger, more diversified economy as well as new jobs for the territory. The Government of Canada is fostering economic development in the North by investing in its ideas, people, and products."

Larry Bagnell
Member of Parliament, Yukon

"These strategic investments support the Government of Yukon's commitment to advancing and diversifying our economy. By partnering with the Government of Canada to support northern research, innovation and entrepreneurship, we are strengthening Yukon's knowledge economy and supporting the growth and expansion of small businesses."

Ranj Pillai
Minister of Economic Development, Government of Yukon

"Yukon College is grateful for the generous contributions of CanNor and the Government of Yukon towards Cold Climate Innovation (CCI). This funding ensures that CCI continues to be a foundational resource for Yukon innovators seeking to develop their ideas into commercial successes. We also applaud the investments in these five Yukon small businesses. Each has made impressive strides forward over the past year, and this funding supports product development and the strategic growth of these impressive entrepreneurs."

Shelagh Rowles
Executive Director of Communities, Innovation and Development, Yukon College

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SOURCE Canadian Northern Economic Development Agency (CanNor)