TORONTO, Jan. 21, 2014 /PRNewswire/ -- Ontario is investing $190 million over the next six years to help attract and retain top scientists, develop cutting-edge technologies, increase investment and create jobs.
The funding will be divided between the Ontario Research Fund's (ORF) Research Excellence ($65 million) and Research Infrastructure ($125 million) programs. Since 2003, ORF projects have leveraged over $2.9 billion in funding and helped create more than 5,500 jobs in the province.
Nearly half of all Canadian research is done in Ontario. In the last decade, more than 20,000 researchers have been trained in the province and 150 new companies have been founded. This latest investment in the province's research community will help keep Ontario at the forefront of scientific discovery and help ensure economic agility, growth and prosperity through new technologies and services that can be marketed to the world.
Supporting research is part of the Ontario government's economic plan to invest in people, invest in infrastructure and support a dynamic and innovative business climate.
"Research is the foundation of a knowledge economy — new findings lead to new technologies, companies and jobs. Across the province, researchers and companies are improving competitiveness, launching new ground-breaking products and services and changing lives."
— Reza Moridi, Minister of Research and Innovation
"Today, more than ever, our economic and social prosperity depends on our ability to compete and succeed in the global marketplace. We need to generate innovative ideas and to convert those ideas into real-world applications that improve our communities. The Ontario Research Fund will help make Ontario universities even more competitive."
— Bonnie M. Patterson, President and CEO, Council of Ontario Universities
- The impact of Canada's research ranks sixth in the world – ahead of other top-producing scientific countries like Australia, China, Germany and Japan, and right behind the U.S. and U.K.
- Ontario's investment in ORF Research Excellence is leveraging at least $130 million in investment from the private sector and academic institutions.
- Since 2003, ORF Research Excellence projects have provided over 23,000 opportunities for researchers to enhance their knowledge and skills, and have resulted in 64 spin-off companies employing 571 people.
- Ontario's investment in ORF Research Infrastructure (large infrastructure round) is leveraging $187 million in investment from the federal government, private sector and academic institutions.
- Since 2003, ORF Research Infrastructure projects have recruited or trained over 20,000 people, created 86 spin-off companies and helped create over 5,000 jobs.
FOR MORE INFORMATION CONTACT
Ministry of Economic Development, Trade and Employment
SOURCE Ministry of Economic Development, Trade and Employment