Ontario to host international summit on innovation

Archived Release

Ontario to host international summit on innovation

TORONTO, May 1 /CNW/ - Ontario will host an international summit on innovation this fall designed to help the province's industry clusters become more productive, Enterprise, Opportunity and Innovation Minister Jim Flaherty announced today.
The summit will provide a forum for representatives of Ontario's leading cluster industries to learn best practices from representatives of top- performing industry clusters from around the world.
"I believe that our goal should be to make Ontario one of the most innovative places in the world," Flaherty said, "because innovation is essential for sustained increases in productivity."
"Thanks to our government, the economic fundamentals are already in place," Flaherty added. "We have cut taxes, created jobs, eliminated public deficits, reduced red tape and introduced higher educational standards. But despite having the fundamentals in place, Ontario's productivity continues to lag behind."
Ontario's Institute for Competitiveness and Prosperity released a working paper this week that indicated Ontario's innovation clusters overall appear to have lower productivity than similar clusters in the United States.
With the release of the paper, Roger Martin, Dean of the University of Toronto's Rotman School of Management and Chair of the Task Force on Competitiveness, Productivity and Economic Progress, indicated that there is great strength and a diversity of clusters in the province, particularly in the Greater Toronto area. However, Ontario is not achieving the productivity and income levels that it should from this solid platform.
"We need to encourage and promote industry clusters of excellence," Flaherty said. "We need to attract the best and brightest people who will draw new investment, generate spin-off companies and be champions of an innovative culture. This summit will provide best practices for Ontario's industry clusters to follow."

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For further information: Media contact: Bronwen Evans, Minister's Office, (416) 325-8321