The Innovation, Science and Economic Development Portfolio falls under the authority of the Minister of Innovation, Science and Industry. It comprises many federal organizations, including Innovation, Science and Economic Development Canada (ISED), the department that leads the Portfolio. Together, these organizations aim to build a knowledge-based economy in all regions of Canada and advance the government's jobs and growth agenda.
ISED is the federal department responsible for coordinating and managing initiatives to stimulate innovation, economic growth and competitiveness in Canada. It works closely with the other organizations in the Portfolio to leverage resources and exploit synergies in a number of specific areas, with the following goals:
- promoting innovation through science and technology by helping firms and not-for-profit institutions more rapidly turn ideas into new products and services
- supporting trade and investment by encouraging more firms in more sectors to export to more markets, and helping Canadian firms attract a larger share of foreign direct investment
- supporting the growth of small and medium-sized enterprises by providing access to capital, information and services
- fostering regional development by promoting new approaches to community economic development, based on community strengths and information infrastructures
The Portfolio comprises the following organizations:
- Business Development Bank of Canada (BDC)
- Canadian Intellectual Property Office (CIPO)
- Canadian Space Agency (CSA)
- Communications Research Centre Canada (CRC)
- Competition Bureau Canada (COBU)
- Copyright Board Canada (CB)
- Destination Canada (DC) (formerly known as the Canadian Tourism Commission)
- Health Emergency Readiness Canada (HERC)
- Innovation, Science and Economic Development Canada (ISED)
- Measurement Canada (MC)
- National Research Council Canada (NRC)
- Natural Sciences and Engineering Research Council Canada (NSERC)
- Office of Consumer Affairs (OCA)
- Office of the Superintendent of Bankruptcy (OSB)
- Social Sciences and Humanities Research Council of Canada (SSHRC)
- Standards Council of Canada (SCC)
- Statistics Canada (StatCan)
Though they are not a part of the Portfolio, the following organizations are associated with it: