This five year agreement was signed in 1998. While the Department of Education is not directly involved in administering the funding, the division is represented on a number of working groups and implementation committees which are tasked with assessing proposals and making decisions on which projects are funded.
This agreement will enable the federal and provincial governments to implement measures that target strategic sectors offering the best opportunity for growth. Enhancing the global competitiveness of industry, establishing linkages within the target sectors, and developing an export focus among key stakeholders are goals of this agreement. Where appropriate, the private sector will be engaged to work in harmony with government to accomplish desired goals. There are four main programs in this agreement as follows:
Strategic Opportunities Program
This program is valued at $18.64 Million and consists of three elements as follows:
Business Investment
This program element will provide the means to support commercial initiatives that are outside the normal parameters of existing federal and provincial economic development programs, yet deemed a priority by both governments based on the potential for stimulation economic growth in terms of job creation and increased earned income.
Sector Development
Funding is available under this element to develop economic opportunities which will benefit an industry or sector as a whole.
Human Resource Development and Entrepreneurship
Initiatives under this element will be directed toward promoting and developing human resources as a means to economic development; and fostering partnerships among governments, industry and educational institutions. Funding will also be used to promote the benefits of self-employment as a viable career option, provide the necessary supports to enable participants to initiate their own economic development activities, and enhance the entrepreneurial skills of existing businesses.
Community Economic Development Program
This program is valued at $15.0 Million. For further information on this program, please contact the Department of Development and Rural Renewal.
Technology Development Program
This program is valued at $10-million and consists of four elements:
New Product Research and Development
The objective of this element is to assist with the high risk, early stage research and development of products and services. Preferences will be given to new entrepreneurs with significant technological capabilities and market awareness.
Technology Solutions
This element will assist in attaining technical solutions to specific problems. Provincial departments, in consultation with industry partners, may identify the need for technology-based solutions to industry-wide problems. A competitive process may then be used to solicit alternative technology-based solutions from the private sector on a professional services contract basis.
Technology Internship
Under this element, assistance will be provided to allow firms with little or no technical expertise to hire recent technical graduates for a one-year period. Firms would have to demonstrate a need for technical assistance and indicate the types of technical problems restricting their ability to grow.
Research Infrastructure Fund
Flexibility will exist to support the enhancement of Memorial University's capability to undertake research in a limited number of technology areas. Emphasis will be on increasing research expertise in areas of high growth and emerging market opportunities.
Investment, Export Trade and Marketing Program
This program is valued at $6-million and consists of two elements:
International Investment Attraction
This program element will enhance Newfoundland and Labrador's international investment, promotional and prospecting efforts in strategic sectors and many geographical areas. Target areas may include: international investment missions, investment partnering, and investment promotion.
Trade/Export Development
This program element will address the trade development requirements of businesses in Newfoundland and Labrador by focusing resources on export readiness training. Initiatives designed to enhance domestic capabilities, competitiveness and increased exports of goods and services will be fostered.