Launched in 2001, the Atlantic Innovation Fund (AIF) is helping Atlantic Canadians compete in a global knowledge-based economy through the development of new ideas, products, businesses and markets. From the beginning, the AIF has acted as a catalyst for enhanced private-public sector research and development (R&D), investment and collaboration. The AIF is also playing a key role in encouraging the development of emerging clusters, such as aquaculture, information technology, life sciences, biotechnology, renewable and clean energy, oil and gas, and oceans technology.
In 2005, the AIF, recognized as an important driver of research for business, universities, and research institutions in Atlantic Canada, was renewed at $300 million.
AIF funding is provided to selected eligible projects through a series of competitive funding rounds. A total of 247 projects has been approved, committing nearly $637 million in AIF funding towards projects valued at close to $1.4 billion, in Rounds I through VII.
In January 2010, the results of Round VII of the AIF were announced.