According to Innovation, Science and Economic Development Canada, the funding aims to strengthen innovation, support businesses and improve collaboration between colleges and industry. Applied research helps transform ideas into practical economic and technological solutions.

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The announcement was made by Minister Mélanie Joly, and the government said the initiative forms part of broader efforts to strengthen productivity, competitiveness and economic resilience. The investments are intended to support research infrastructure, student training and partnerships between post-secondary institutions and businesses across Canada. Applied research projects led by colleges often focus on areas including clean technology, manufacturing, healthcare, agriculture and artificial intelligence.