Canada Invests $25.7M for Vancouver Growth and Innovation

Pacific Economic Development Canada

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 Biosystem's 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 here.

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.

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