Canadian Defense Startups Struggle Amid Investment Promises
Despite over $63 billion in defense spending earmarked by the Canadian government, startups report limited access to contracts and funding. As global defense budgets rise, Canadian firms worry about falling behind in securing necessary investments.
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The Canadian government has committed over $63 billion to defense spending, yet startups report limited engagement with this funding. Connie Stacey of Grengine notes that while interest in her defense tech has surged, significant contracts and investments remain elusive.
Ottawa's new Defence Industrial Strategy (DIS) aims to enhance domestic procurement and support dual-use technologies, yet many entrepreneurs experience slow bureaucratic processes. The Business Development Bank of Canada (BDC) has introduced programs to expedite funding and assist startups, but companies like GBatteries and the Canadian Strategic Missions Corporation still face delays. As global competitors ramp up military spending, there is concern that Canada’s defense sector may not keep pace, prompting some firms to seek funding abroad.
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