Following the launch of InnovateNL in July 2017 and as part of its continued commitment to fostering innovation and investment in the province, the Provincial Government is proceeding with a new Innovation and Business Investment Corporation Act.
The new act will replace two previous pieces of legislation, which will be repealed: the Business Investment Corporation Act and the former Research and Development Council Act. Consequently, the number of boards of corporations will be reduced from two to one, allowing for a more cohesive and coherent approach in decision making on strategic investments in innovation and business growth.
The new corporation is responsible for making funding decisions on projects for commercial and non-commercial clients for innovation and business development and growth related projects. This includes, but is not limited to: projects for research and development, skills development, market development, technology development or technology improvements and working capital.
The corporation will remain within the Department of Tourism, Culture, Industry and Innovation and be guided by one board, with members working to ensure public investments are made strategically and effectively. A transition board will be put in place, consisting of existing members of the NL Innovation Council and some board members of the Business Investment Corporation. A new board will be selected through the Independent Appointments Commission process.
In 2016, the Provincial Government undertook an update to its 2006 innovation strategy, and focused more on business innovation. This resulted in the launch of the Business Innovation Agenda, and included an extensive consultation process. During engagement sessions on the development of the Business Innovation Agenda, stakeholders identified a need for one-stop coordinated advice, integrated service delivery matched with employer needs as well as better linkages to various sources of capital required.
This initiative delivers on commitments in The Way Forward to strengthen the province’s economic foundation for residents. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
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“The introduction of this legislation is the culmination of work that has been ongoing by our government to create a focus on innovation and investment in the province with the launch of InnovateNL. This will result in continued improvements to client service delivery as it eliminates the need for clients to go through two corporations to receive decisions on government funding. This approach reinforces government’s commitment to innovation as a driving force of economic development and demonstrates government’s value of having the private sector play a leadership role through board membership.”
Honourable Christopher Mitchelmore,
Minister of Tourism, Culture, Industry and Innovation
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Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819
erichumber@gov.nl.ca