Ottawa's $1.26 billion fund aims to help businesses become more innovative

In an effort to help Canadian businesses become more innovative, the federal government has set up a $1.26 billion dollar fund to support research and development in various sectors.

Federal minister Dominic LeBlanc made the announcement at the Atlantic Cancer Research Institute in Moncton which he says is a prime example of an organization which could access the funding.

LeBlanc points out how the Atlantic Canada Research Institute employed just one person 20 years ago and now employs more than 50 people.

The fund will provide $200 million in new money over the next three years.