An Exciting Opportunity for Small Businesses!
Canada is stepping up its AI strategy with a significant $2.4 billion investment to foster innovation and create jobs in the AI industry. Notably, the $100 million NRC IRAP AI Assist Program is designed to help small to medium-sized enterprises use AI technology to boost productivity and gain a competitive edge. This strategic move provides a crucial opportunity for businesses to leverage AI for growth and operational efficiency.
Overview of Investment Structure Prime Minister Justin Trudeau has announced a $2.4 billion initiative in Budget 2024 to enhance Canada’s AI sector:
Infrastructure and Computing: $2 billion to improve computing capabilities and infrastructure for AI research and businesses, including a new AI Compute Access Fund and a Canadian AI Sovereign Compute Strategy.
Regional Development: $200 million through Canada’s Regional Development Agencies to support AI startups and speed up AI adoption in sectors like agriculture and healthcare.
Business Productivity: $100 million in the NRC IRAP AI Assist Program to help small and medium-sized businesses implement AI solutions, boosting productivity.
Workforce Support: $50 million for the Sectoral Workforce Solutions Program to train workers in sectors affected by AI.
AI Safety and Regulation: Establishing a Canadian AI Safety Institute with $50 million for safe AI development and strengthening the Artificial Intelligence and Data Act enforcement with $5.1 million for the Office of the AI and Data Commissioner.
Match Your Eligibility with GrantHub GrantHub offers a platform that displays accessible grants tailored to your company’s specific industry, activities, and goals. This tool is ideal for those with a DIY mentality who are at the early stages of their entrepreneurial journey.
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