The Importance of CFI

Fatima Abedisamakoush, RA student - Mohawk College

  

Research and Development play an important role in the economic growth in the world and Canada is no exception. As a result, the linkage between researches at the academic levels and implementing the findings in the business and industrial sectors has become very crucial to address the issues of a highly competitive global economy.

The CFI program developed the new objectives of promoting collaborations and effective connections among universities, research hospitals, non-profit research institutions and the private sectors in Canada. According to CFI’s annual report, the CFI funded projects have extensively impacted Canadian economy. The CFI funded projects helped to create 1400 new jobs, more than 130 new patents and 40 new start-up companies during 2018-2019.

In addition, the CFI’s objective is also aimed to embrace diversity and equity in Canada’s work place and research sectors by funding the cutting-edge infrastructures which play a key role in supporting and training new generation of researchers, encouraging collaboration at the national and international levels and finally promoting innovation in Canadian research.

The possible challenges that institutions might face in regard to the CFI guidelines could be described as 1) the CFI is one of the Canadian funding resources; therefore, it limits the chance of talented international researchers to apply for this grant if they are not partnered with Canadian affiliated institutions, 2) the positions of the institution regarding the projects, whether the corresponding institution is the leader of the project or not, and 3) most importantly to demonstrate that project’s outcomes support CFI objectives especially in enhancing sustainable developments in Canada’s research.

   

References:

https://www.centerforfinancialinclusion.org/the-next-cfi-challenge-financial-inclusion-for-sustainable-development

https://www.innovation.ca/about/nouvelles/2018-19-report-results-how-cfi-investments-benefit-canada

https://www.innovation.ca/sites/default/files/essential_documents/Policy_and_program_guide_en.pdf

https://www.innovation.ca/sites/default/files/Funds/IF/2020_innovation_fund_call_for_proposals_draft.pdf