TORONTO, ONTARIO--(Marketwired - Sept. 29, 2016) - Innovation, Science and Economic Development Canada
The Government of Canada values the role of post-secondary institutions as they help equip young Canadians with the education and training they need for future careers that will help them join a strong, healthy middle class. Today's $36.63 million investment at Ryerson University will do just that by fostering the training needed for the well-paying middle-class jobs of today and tomorrow.
The funding was announced today by the Honourable Bill Morneau, Minister of Finance, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. Minister Morneau was joined by Han Dong, Parliamentary Assistant to Ontario's Minister of Advanced Education and Skills Development.
The Government of Canada's Innovation Agenda aims to make this country a global centre for innovation-one that creates jobs, drives growth across all industries and improves the lives of all Canadians. This investment exemplifies that vision in action.
The funding for Ryerson University includes:
- $19.89 million from the Government of Canada for a new Centre for Urban Innovation on Gerrard Street East. The building will include research lab space and incubation, innovation and commercialization space. It will be home to the Centre for Urban Energy, the Ryerson Urban Water Institute, the Data Science Lab, the Smart Infrastructure Hub and the Food Research Lab. Ryerson University is providing an additional $25.8 million for the project; and
- a total of $16.74 million from the governments of Canada and Ontario to modernize and upgrade research laboratories and infrastructure in Ryerson's science, engineering and design buildings. This project will provide incubator space for the Fashion, Design Fabrication and Transmedia zones. Of this funding, $12 million is being provided by the federal government, with Ontario contributing $4.74 million. Ryerson will provide an additional $11.9 million.
Today's investments will have a transformative impact on campus research and commercialization at Ryerson and enable expansion of its world-class incubator network.
In total, universities and colleges throughout Ontario will receive more than $1.9 billion from the Government of Canada, the provincial government, the institutions themselves and private donors. Federal funding will be allocated through the Post-Secondary Institutions Strategic Investment Fund, which will enhance and modernize research facilities on Canadian campuses and improve the environmental sustainability of these facilities.
As a result of these investments, students, professors and researchers will work in state-of-the-art facilities that advance the country's best research. They will collaborate in specially designed spaces that support lifelong learning and skills training. They will work in close proximity with partners to turn discoveries into products or services. In the process, they will train for-and invent-the high-value jobs of the future. And their discoveries will plant the seeds for the next generation of innovators.
That is how the Strategic Investment Fund will jump-start a virtuous circle of innovation, creating the right conditions for long-term growth that will yield benefits for generations to come.
Ontario is making the largest investment in public infrastructure in the province's history-about $160 billion over 12 years-which is supporting 110,000 jobs every year across the province with projects such as hospitals, schools, roads, bridges and transit. Since 2015, the Province has announced support for more than 475 projects that will keep people and goods moving, connect communities and improve quality of life. To learn more about infrastructure projects in your community, go to Ontario.ca/BuildON.
"This once-in-a-generation investment by the Government of Canada is a historic down payment on the government's vision to position Canada as a global centre for innovation. That means making Canada a world leader in turning ideas into solutions, science into technologies, skills into middle-class jobs and start-up companies into global successes. This investment will create conditions that are conducive to innovation and long-term growth, which will in turn keep the Canadian economy globally competitive."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"As a result of this investment, people will be able to work in state-of-the-art facilities that support the country's best research. They will have better access to new partners that can help turn ideas into the products that the future marketplace most needs. Their discoveries will plant the seeds for the next generation of innovators. And they will play a direct role in building up Canada's inventory of brain power and excellence. Our investment today has made us partners in our future success."
- The Honourable Bill Morneau, Minister of Finance
"Investing in our post-secondary institutions is part of our government's plan to build Ontario up by investing in public infrastructure. Today's investment will not only further research and innovation at Ryerson University but will also help build Ontario's highly skilled workforce and deliver on our government's number one priority: to grow the economy and create jobs."
- Han Dong, Parliamentary Assistant to Ontario's Minister of Advanced Education and Skills Development
"The government's generous contribution will enable Ryerson to further enhance our research and lab facilities where our faculty and students will be encouraged to tackle complex problems, think creatively and develop new solutions and approaches. The changes coming to our campus will create more state-of-the-art facilities to shape Canada's future innovators, researchers and entrepreneurs."
- Dr. Mohamed Lachemi, President, Ryerson University
- The Government of Canada and the Government of Ontario are providing more than $950 million for research infrastructure at institutions across Ontario. Ryerson University has been awarded $31.93 million by the Government of Canada for two projects.
- The Post-Secondary Institutions Strategic Investment Fund supports the Government of Canada's climate change objectives by encouraging sustainable and green infrastructure projects.
- Post-Secondary Institutions Strategic Investment Fund website
- Post-Secondary Institutions Strategic Investment Fund backgrounder
- Innovation Agenda backgrounder
Follow Minister Bains on social media.