Ontario's Innovation Agenda
McGuinty Government Investing In Research And Innovation To Create Jobs
A tax exemption that encourages businesses to bring the research of universities and colleges to market and a 45-day service guarantee on the $1.15 billion Next Generation of Jobs Fund are two North American "firsts" and key pillars of Ontario's innovation agenda, which was unveiled today in Ottawa.
Supported by close to $3 billion in spending over eight years, the agenda builds on the strength of Ontario's creative environment, diverse culture, highly skilled workforce, world-class educational system and internationally recognized research community.
Minister of Research and Innovation John Wilkinson presented the guiding principles for Ontario's innovation agenda today. It includes:
- Government acting as a catalyst for innovation and commercialization - and committing the necessary resources to do this effectively
- Investing significantly in peer-reviewed research excellence that will create jobs, a cleaner environment and better healthcare for Ontario families
- Focusing government investments on research and industries where Ontario has a global competitive advantage
- Streamlining and modernizing government programs and processes to move faster - at the speed of business
- Partnering with business to better communicate Ontario's research strengths and innovation success stories to the world.
The innovation agenda is a key driver of the government's five-point plan for Ontario's economy that is investing in skills and education, accelerating provincial investments in infrastructure, lowering business costs and strengthening key partnerships to maximize Ontario's potential, as well as supporting innovation.
- 59 per cent of all foreign venture capital into Canada flows to Ontario.
- If the Great Lakes region was its own country, it would be the second largest economic unit on earth, second only to the U.S. economy and bigger than Japan, China and India.
- The Canadian digital media industry is concentrated in Ontario, with Toronto representing about 40 per cent of all firms. There are approximately 800 firms employing 18,000 people within the GTA.
- Pharmaceutical R&D expenditures in Ontario doubled in the last decade to nearly $550 million, with 40 per cent of Canada’s leading pharmaceutical companies located in Ontario.
“Ontario’s innovation agenda is a fundamental part of Ontario’s five-point economic plan, which will help us sustain the high quality of life that we enjoy today -- and create the high-value jobs of the future.”
“We’re proud to have a long history of innovation in Ontario – pioneering researchers and business champions have brought the world revolutionary products like the BlackBerry and the Canadarm. Today we're sending the message to researchers and companies around the world that if you've got an innovative project that will build on our research strengths and create jobs, we'll make it happen in Ontario.”