Yukon to Receive $4.5M in Funding to Support Innovation in the Region
Supporting businesses as they adapt, grow, move forward, and contribute to national innovation is a key source of economic strength and recovery. This is even more important as the country works to overcome and recover from the pandemic.
Across the territories, Northern and Indigenous partners are focused on this cause, building a path through creativity, collaboration, and determination. This effort is being realized in the Yukon, with a newly announced investment of $4.5 million in innovation and entrepreneurship in the region.
The Honourable Daniel Vandal, Minister of Northern Affairs, Minister for PrairiesCan, and Minister for CanNor, and Dr. Brendan Hanley, Member of Parliament for Yukon have announced this funding from the Government of Canada through the Regional Economic Growth through Innovation (REGI) program.
This funding, delivered by CanNor, will go towards supporting two five-year projects located under just one roof. Located in Whitehorse, the NorthLight Innovation hub will bring Yukonstruct members and services together along with hub partners.
CanNor is investing $2,123248 towards NorthLight Innovation. The Government of Yukon will invest $443,250 for the first three years as well as $5,255,040 from the proponent. The total project cost is expected to be $8,121,538.
Yukon University will be a key hub partner, using NorthLight Innovation to house their Innovation and Entrepreneurship (I&E). This program fosters business growth and innovation for early-stage entrepreneurs, startups, and innovative companies with high-growth potential.
Additional funding will go towards the I&E, with CanNor contributing $2,341,818, the Government of Yukon contributing $2,505,000 for the first three years and $560,000 from the proponent.
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