Economic Action Plan invests in jobs and growth through research and development
For immediate release
January 14, 2011
Toronto, Ontario — Small- and medium-sized businesses in southern Ontario will have an opportunity to work with local colleges and universities to bring promising new products to the marketplace faster. Mr. Paul Calandra, Member of Parliament, Oak Ridges-Markham today announced that an investment under the Applied Research and Commercialization Initiative would go to OCAD University.
"This investment will create jobs and sustain economic growth by helping small businesses get new ideas into the marketplace faster," said MP Calandra. "Our government is committed to supporting families, businesses and communities of southern Ontario."
Under the $15-million Applied Research and Commercialization Initiative, OCAD University will receive up to $359,800 to partner with small- and medium-sized enterprises on activities such as applied research, engineering design, technology development, product testing, and certification.
"OCAD University believes that we have a critical role to play in economic development, bringing design knowledge and the talents of students and faculty into partnership with the dynamic SME sector in southern Ontario," said Dr. Sara Diamond, President of OCAD University. "We can create new jobs, efficiencies, innovations and new products and services that markets in Canada and abroad want and need. We thank the Federal Economic Development Agency for Southern Ontario for their support."
The Applied Research and Commercialization Initiative is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in addressing the gap between research and commercialization.
For more information on the Applied Research and Commercialization Initiative, please refer to the backgrounder.
FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency has recently launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For media enquiries:
Director of Communications
Office of the Honourable Gary Goodyear
416-977-6000 ext. 327
Applied Research and Commercialization Initiative
The Applied Research and Commercialization Initiative is designed to bridge the gap between research and commercialization between Ontario's post-secondary academic institutions and small- and medium-sized enterprises. FedDev Ontario has committed up to $15 million for projects in 2010 under the initiative.
The Applied Research and Commercialization Initiative encourages greater collaboration between post-secondary institutions with research and development expertise and smaller businesses with pre-commercialization needs. The goals of the initiative are to accelerate innovation and improve productivity and competitiveness in companies located in southern Ontario, as well as encourage additional private sector investment.
The initiative supports post-secondary institutions offering services focused on improving innovation, productivity and commercialization to help individual companies move new products or processes to market. These activities include:
Announced in Canada's Economic Action Plan, FedDev Ontario's mandate is to work with the people, communities and businesses in southern Ontario to create the conditions for economic growth. Created with a five-year mandate and $1-billion budget, the Agency is working to support southern Ontario's ongoing economic resurgence to ensure the region will emerge as a stronger, more diverse world leader.