“Over the past few months, we’ve been working hand in hand with companies as they retool and rapidly scale up to produce critical equipment such as masks, face shields, ventilators, medical gowns and test kits. This is an excellent opportunity for Canadian innovators. As many of you may have heard, Minister Bains likes to say this often and loudly—our approach to personal protective equipment has been buy, buy, buy, build, build, build.”

“We will need Canadian entrepreneurs to lead the way and we’ll need angel investors to activate capital to support them. And while the innovation sector is playing a key role in the fight against COVID-19, we know that the economic shutdown has had a significant impact on early-stage companies. During these uncertain times, they are the kind of businesses that are facing supply-chain disruptions, cashflow issues, a collapse in demand and even an inability to maintain staff. What’s more, because they are at the start-up stage, they likely do not qualify for other wage subsidies or liquidity measures. That’s why we decided to inject $250 million in new funding into the National Research Council's Industrial Research Assistance Program to assist innovative early-stage companies that are unable to access existing COVID-19 business supports.”

—Ali Ehsassi