For Immediate Release July 21, 2006
McGUINTY GOVERNMENT INVESTING IN THE FUTURE SUCCESS OF KINGSTON AND THE ISLANDS
Program Bringing Researchers and Entrepreneurs Together To Create New Wealth and Jobs
“Supporting research and innovation will help Kingston’s economy grow and prosper,” said Gerretsen. “We must ensure local institutions and startup companies share their expertise and work together to identify promising technologies and turn them into world-class products and services for Kingston and Ontario.”
The $31.4-million, three-year Ontario Research Commercialization Program (ORCP) brings researchers and entrepreneurs together to help identify high-potential research and development, and drive the growth and development of technology-based companies. Launched in June 2005, the program represents a first step in the government’s comprehensive strategy to help get innovative ideas to market.
“Bringing exciting new discoveries to market faster creates high-value jobs, attracts investment and ultimately builds a better quality of life for all Ontario families,” said Premier McGuinty. “That’s why we’re supporting the innovative spirit of Ontario researchers and entrepreneurs by investing in their ideas and our economic future.”
Several initiatives being funded by the program will support the Kingston area’s
high-tech economy:
The first project will involve expanding commercializ-ation capacity in the Kingston Region. The PARTEQ Innovations technology transfer model will be expanded to all research institutions and two private sector research facilities in the Kingston area. The main focus will be on better connecting the research base at Queen’s University and other institutions to industries in Eastern Ontario. Funding for the project totals $2,200,000. Partners include: Kingston General Hospital, Royal Military College of Canada, St. Lawrence College, DuPont Canada, Novelis Global Technology Centre.In addition, a provincial training and internship program will be established and delivered across 31 member institutions. These members will have access to industry expertise to help them transition technologies to the private sector. The program will facilitate sharing of expertise and resources across the province.
This project is part of the Ontario Society for Excellence in Technology Transfer (OnSETT). PARTEQ Innovations will be the lead on the program and $2,205,000 will be invested in the project. Partners include: McMaster University, Mount Sinai Hospital, Ottawa Health Research Institute, Queen’s University, The Hospital for Sick Children, The University of Western Ontario, University Health Network, University of Guelph, University of Ottawa, University of Toronto, University of Waterloo.
Local high-tech companies will also be able to seek support from various other Ontario research institutions that are leading several specialized ORCP projects across the province.
ORCP is the first program of its kind in Canada and will help Ontario become a global leader in the transfer of research and development from research institutions to the private sector. The program supports 55 public research and not-for-profit organizations across the province, as well as numerous technology-based companies.
The program will help push medical discoveries, medical devices, environmental and energy-related technologies among others to market, and allow Ontario’s researchers and entrepreneurs to combine their skills, expertise and resources to create high-value jobs and a better quality of life for Ontarians.
These investments are the latest way the McGuinty government is supporting businesses that help Ontario prosper. The government has:
Introduced the $24-million Innovation Demonstration Fund to assist start-up companies in developing cutting-edge technologies that will strengthen Ontario’s economic advantage and provide high-paying, high-skilled jobs for the future. The fund focuses on new bio-based, environmental and alternative energy technologies Introduced the $46-million Market Readiness Program to provide innovative companies across the province with the initial financial support, management expertise, training and proven leadership they need to get products and services to market Encouraged strong job creation, with almost 288,000 net new jobs since taking office Introduced a $500-million advanced manufacturing investment strategy that helps industry stay competitive Introduced a refundable apprenticeship training tax credit Started to phase out the province’s capital tax, which taxes investment instead of profit, by introducing a five per cent tax rate cut in January 2007 – two years ahead of schedule.
- 30 -
