Economic Action Plan invests in jobs and growth through research and development.
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. The Honourable Gary Goodyear, Minister of State (Federal Economic Development Agency for Southern Ontario), announced the first investments under the Applied Research and Commercialization Initiative would go to Conestoga College, the University of Waterloo and the University of Guelph.
"This new program will create more jobs and sustain economic growth by helping small businesses get new ideas into the marketplace faster," said Minister Goodyear. "Our government is committed to supporting families, businesses and communities of southern Ontario."
Under the $15-million Applied Research and Commercialization Initiative, Conestoga College will receive $747,400, and the University of Waterloo and University of Guelph will each receive $750,000 to partner with small- and medium-sized enterprises in southern Ontario on activities such as applied research, engineering design, technology development, product testing, and certification.
"We have a long-established history of partnering with business, industry and institutions in their efforts to innovate, and improve their products and processes through applied research," said Conestoga President John Tibbits. "This initiative will provide additional opportunities for us to extend our efforts for the benefit of the entire community."
"Canadians across the country can count on our government to keep our economy strong and competitive," said Harold Albrecht, Member of Parliament for Kitchener-Conestoga. "Today’s investments are supporting southern Ontario’s economic recovery."
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.
More information on the Applied Research and Commercialization Initiative is available online.
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 is launching 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.
For more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear