March 14, 2024 – Vancouver, British Columbia – In a significant move to spur innovation and foster economic growth, the Government of Canada has announced a substantial investment of nearly $14 million in Vancouver. This strategic infusion of funds is earmarked for seven Vancouver-based businesses and organizations.
Propel them to commercialize new products, expand their operations, and penetrate global markets. PacifiCan, the Pacific Economic Development Agency of Canada, is at the forefront of this initiative, demonstrating the government’s commitment to scaling up local enterprises and promoting new technologies worldwide.
A Strategic Investment for Growth
The Honourable Mary Ng, Minister of Export Promotion, International Trade, and Economic Development, represented the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for PacifiCan, in announcing this investment. A breakdown of the funding reveals that over $11.5 million is allocated to four companies through PacifiCan’s Business Scale-Up and Productivity program, with an additional $2.4 million directed to three companies via its Jobs and Growth Fund.
Spotlight on Innovation: Clarius Mobile Health
Clarius Mobile Health, a trailblazer in the medical device industry, is a significant beneficiary of this investment, receiving over $3.3 million from PacifiCan. This funding is set to catapult Clarius into new heights of innovation and market expansion, focusing on the export sales of its wireless handheld ultrasound devices. These devices are designed for medical professionals to use point-of-care, offering quick insights and decisions during patient appointments.
Clarius Mobile Health stands out for its ability to connect ultrasound technology to smartphones and tablets, providing real-time medical imaging. This not only improves patient care but also promises to reduce healthcare costs significantly. With PacifiCan’s backing, Clarius aims to roll out new sales models in international markets, a move expected to create 77 jobs.
The recognition of Clarius’ potential by PacifiCan began in 2022 with a $2.4 million investment. This initial funding helped Clarius expand internationally by registering its device in 10 new markets and growing its distribution partnerships. The company’s inclusion in the Global Hypergrowth Project in July 2023 further underscores its potential to scale and become an anchor firm in Canada.
Economic Impact and Job Creation
Today’s announcement is more than just a financial boost; it’s a strategic move expected to generate over 380 jobs, more than $330 million in revenue growth, and $226 million in new global sales for B.C. businesses. This investment is a testament to the government’s confidence in Vancouver’s innovative ecosystem and ability to make a global impact.
Supporting Statements from Government Officials
The Honourable Harjit S. Sajjan expressed enthusiasm for the initiative, highlighting Vancouver as a hub for changemakers driving provincial innovation and economic growth. He emphasized PacifiCan’s role in investing in businesses, organizations, and ideas that positively impact British Columbians and the global community.
The Honourable Mary Ng shared her vision for the investment, focusing on the scaling and global reach of Vancouver’s innovative companies. She praised the city’s talent, noting the significant potential for local benefits, job creation, and leadership in emerging technologies.
Gratitude and Vision from Clarius Mobile Health
Ohad Arazi, CEO and President of Clarius Mobile Health, expressed gratitude for PacifiCan’s support, emphasizing its critical role in globalizing point-of-care ultrasounds. He outlined the company’s ambitious plans for international market expansion, made possible by this timely investment.
The Broader Impact
The global ultrasound equipment market, poised for substantial growth, underscores this investment’s relevance and potential impact. PacifiCan’s role as a federal economic development agency fosters innovation, creates quality jobs, and supports inclusive growth throughout British Columbia.
The strategic investments under the Business Scale-up and Productivity program and the Jobs and Growth Fund highlight the government’s commitment to enhancing competitiveness, transitioning to a green economy, and creating a resilient, inclusive recovery.
Looking Forward
The Global Hypergrowth Project symbolizes a collaborative effort to tailor support to high-potential firms, demonstrating the government’s innovative approach to economic development. Today’s announcement is not just a milestone for the beneficiaries but a beacon of hope and opportunity for the entire region, setting the stage for a future where Canadian technology and innovation lead the way on the global stage.
The Government of Canada’s investment in Vancouver’s innovation ecosystem marks a pivotal moment in the journey towards economic resilience and global competitiveness. As these businesses and organizations leverage this funding to scale new heights, the impact of this strategic investment will resonate far beyond British Columbia, heralding a new era of Canadian leadership in technology and innovation on the world stage.
