LONDON – The McGuinty government is investing $700,000 in TechAlliance, a London not-for-profit technology association, to help them work with companies to identify promising technologies and create high-value jobs for Ontario’s future, Khalil Ramal, MPP for London-Fanshawe announced today. Ramal made the announcement on behalf of local MPP’s Deb Matthews (London North Centre), Steve Peters (Elgin-Middlesex-London) and Chris Bentley (London West).
“Supporting research and innovation will help the London region’s economy grow and prosper,” said Ramal. “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.”
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.”
The initiative being funded by the program will support the London area’s high-tech economy by providing resources for TechAlliance to develop programs that will connect entrepreneurs to researchers. TechAlliance will help start new ventures, conduct market research to determine the potential saleable value of technologies and assist small and medium-sized companies with business plan development.
“This new funding will allow TechAlliance to strengthen existing programs in support of young entrepreneurs and start-ups and to create new programs in support of technology commercialization and small business growth,” said Marilyn Sinclair, General Manager of TechAlliance. “This award speaks volumes to the identified potential in the London region for innovation and economic leadership.”
In addition, 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.
Contact: Julie Misener Office of Khalil Ramal,
MPP London Fanshawe
519.668.1104
Lindsay Zajac
TechAlliance
519.858.5101
