McGuinty government invests in innovation
Commercialization Strategy Capitalizes On Ideas, Will Help Create Good Jobs
By Canada NewsWire
TORONTO, June 24 /CNW/ - The McGuinty government is investing in Ontario’s prosperity through a new Commercialization Strategy to turn innovative research into successful products, Economic Development and Trade Minister Joseph Cordiano said today.
“Commercialization of research - moving products from the lab to the marketplace - is a key component of a modern economy,” said Cordiano during a luncheon address to the Economic Club of Toronto. “Previous governments have not placed enough emphasis on this very important tool for success. By selling our great ideas in their infancy we have missed out. It stops today.”
The first step in the Commercialization Strategy will invest $63 million to link public research institutions with companies that can move the research out of the lab and into the market. Universities, colleges and hospitals will receive $27 million to help them identify promising research and make them investor-ready; and institutions will receive $36 million to help them establish pools of seed capital to commercialize the best ideas. This will enable Ontario’s world-class research capabilities to create spin-off companies and accelerate the growth of small- and medium-sized enterprises and leading-edge jobs.
To further support Ontario’s focus on commercialization, the government will:
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Create an Ontario Commercialization Advisory Committee to advise the Minister on commercialization opportunities; and,
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Use the expertise of the Roger Martin Task Force On Competitiveness, Prosperity and Economic Progress to advise on the creation of more leading-edge companies.
Ontario is home to many of the best research and scientific minds the world over. The province has invested approximately $2.6 billion into public research during the last decade, yet, according to Statistics Canada, less
that 10 per cent of companies are tapping into the world-class research capacity that exists in our public research institutions.
“We are in a race with the world every single day,” said Cordiano. “The economies that get commercialization right will be the most prosperous and will have the best jobs. Ontario is committed to winning that race and building a strong economy with a quality of life that is second to none.”
Backgrounder
CAPITALIZING ON ONTARIO’S LEADING-EDGE IDEAS AND DISCOVERIES
At the core of Ontario’s four-year plan to increase prosperity across the province is a new Commercialization Strategy. The strategy refocuses government resources and programs to significantly increase the rate of
commercialization of scientific and technological research and position Ontario to lead in the innovation and knowledge economies.
Universities, colleges and hospitals will receive $27 million to help them identify discoveries and make them investor-ready; and institutions will receive $36 million to help them establish pools of seed capital to commercialize the best leads.
The commercialization strategy will strengthen Ontario’s growth industries that are concentrated in regions across the province, including:
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The Waterloo Region technology triangle;
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The auto industry in south western Ontario;
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The information communications technology and life sciences cluster in Eastern Ontario;
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The bio products cluster involving Guelph, London, Sarnia and Windsor;
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The DNA cluster in Peterborough; and
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Toronto’s Medical and Related Sciences (MaRS) Discovery District, a North American biotech hub that includes venture capital companies, research facilities and technology transfer firms.
A new Ontario Commercialization Advisory Committee will be created to ensure the Minister of Economic Development and Trade is advised of the best opportunities to advance commercialization of Made-in-Ontario technologies, products, services and medical breakthroughs and treatments.
The government will also continue to use the expertise of the Roger Martin Task Force on Competitiveness, Prosperity and Economic Progress. The Task Force will focus its efforts on commercialization and make recommendations to the Minister of Economic Development and Trade on how to best leverage Ontario’s economic advantage and increase prosperity across the province, across regions and in households.
The strategy will help build capacity in university and college technology transfer offices and help increase their networks. The government is also placing a greater focus on commercialization in all its science and technology programs, including The Ontario Centres of Excellence.
Disponible en français www.ontariocanada.com
For further information: Kari Cuss, Minister’s Office, Minister Cordiano’s Office, (416) 325-6706; Lisa Roberts,
Communications Branch,
Ministry of Economic Development and Trade, (416) 325-8773
