By Josh Pennell — TC Media
© Photo by Josh Pennell/TC Media
Minister Keith Hutchings announces businesses that will benefit from the Technology Utilization Program on Wednesday.
ST. JOHN’S — Innovation Minister Keith Hutchings announced the most recent businesses to benefit from the provincial government’s technology utilization program Wednesday.
The announcement was made at C&W Industrial Fabrication and Marine Equipment Ltd. in Bay Bulls, one of the businesses to benefit from this year’s investments by the government.
“We all know when our business community succeeds certainly we as a province succeed, as well,” said Hutchings.
In 2006 the provincial government launched the strategy, aimed at stimulating innovation across resource- and non-resource-based sectors.
Hutchings said under the strategy, the government had implemented an initiative specifically designed to assist small and medium enterprises to harness the power of innovation in working companies.
“We are pleased to provide funding to local businesses to support innovation which helps to improve efficiencies and competitiveness,” he said.
“These investments, totalling $480,100, support the application of technology-based solutions which allow growth, and benefit businesses and the communities they operate in.”
Hutchings said C&W Industrial Fabrication and Marine Equipment Ltd. embodies the spirit of entrepreneurship, illustrating the drive it takes to survive in business, while also embracing new ways to succeed.
The company will receive $75,000.
“This investment will allow our business to purchase a new cutting machine and water-injection system, which will upgrade our technology and substantially improve productivity, which is essential to improving our operations,” said Terry Crane, C&W Industrial president.
“We must be innovative to remain competitive and grow our business, and the new equipment will allow us to do just that.”
Since 2011, $964,600 has been invested in 21 initiatives throughout the province through the technology utilization program.