Toronto, ON – June 25, 2004 – The Ontario government is providing $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.
“Commercialization of research – moving products from the lab to the marketplace – is a key component of a modern economy,” says Joseph Cordiano, the government’s economic development and trade minister.
He says the government will also:
– create an Ontario commercialization advisory committee to advise the minister on commercialization opportunities; and,
– 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.
The funding announcement is the first step in a four-year commercialization strategy. Its goal is to significantly increase the rate of commercialization of scientific and technological research in the province.
The strategy focusses growth industries that are concentrated in regions, including:
– the Waterloo Region technology triangle;
– the auto industry in south western Ontario;
– the information communications technology and life sciences cluster in Eastern Ontario;
– the bio products cluster involving Guelph, London, Sarnia and Windsor;
– the DNA cluster in Peterborough; and
– 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.