The Government of Canada announced on Thursday a $50-million investment in the Canadian Food Innovation Network (CFIN) to advance innovation in Canada’s food sector.
The news: The funding comes via Innovation, Science, and Economic Development Canada (ISED)’s Strategic Response Fund (SRF), a federal program that provides financial support to help Canadian industry adopt innovation and build economic resilience. The money is being matched by $8 million in funding from CFIN’s business activities and will support the organization’s Food 4.0 strategy.
From the source: “Canada’s food processors are working hard to keep prices in check, but many are doing it with equipment and systems that haven’t kept pace with their global competitors,” said Dana McCauley, the CEO of CFIN, in a statement. “Food 4.0 is CFIN’s plan to close that gap.”
The context: CFIN’s Food 4.0 action plan is a five-year strategy to raise productivity within Canada’s food sector. The action plan looks to help manufacturers, processors, and supply chain operators integrate Canadian-made automation, AI, and digital tools into their workflows while also funding the foodtech companies building those tools. To advance those goals, CFIN will use the $50 million to expand its programming, including building out its online innovation platform YODL, its team of regional innovation directors, and its Food Automation & Systems Transformation Program, a funding stream supporting innovation for small and medium-sized food services businesses.
CFIN projects that funding will also help grow the organization’s membership base from 9,500 members to 20,000, and generate up to $200 million in follow-on investment.
Final thought: Rising food costs have continued to be a pain point for Canadians amid ongoing trade disputes with the United States and a rocky global economy marked by inflation. Canada has strived to address those concerns, most recently through its National Food Security Strategy, which pins the adoption of advanced technology as central to strengthening domestic food-processing capacity and supply chains.
BetaKit’s Prairies reporting is funded in part by YEGAF, a not-for-profit dedicated to amplifying business stories in Alberta.
Feature image courtesy Unsplash. Photo by Petr.
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