Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

September 12, 2011 10:00 ET

Government of Canada Supports Innovation in Toronto

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2011) - Thanks to new partnerships with the University of Toronto, fourteen businesses in southern Ontario will have an opportunity to bring innovative products to market and increase their productivity and competitiveness, in areas such as information technology, biomedical sciences, life sciences and engineering. Today, the Honourable Peter Van Loan, Leader of the Government in the House of Commons, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, announced the agreements between the University and local small- and medium-sized businesses.

"These agreements allow the University of Toronto and local businesses to work together on exciting new research, and get their results to the marketplace faster," said Minister Van Loan. "Through the Applied Research and Commercialization initiative, our government is investing in innovation to create jobs and economic growth."

Last year, under the Applied Research and Commercialization Initiative, the University of Toronto was approved for up to $750,000 from FedDev Ontario to partner with small- and medium-sized businesses on activities such as applied research, engineering design, technology development, product testing, and certification. The support provided will create new economic opportunities, help businesses in southern Ontario grow, and enable them to become even more innovative and competitive.

"At the University of Toronto, we're always looking for ways to make research meaningful to the wider community," said Professor Peter Lewis, Associate Vice-President, Research, University of Toronto. "By working together with businesses, we're accelerating the movement of ideas to the marketplace, for the benefit of all Ontarians. We are delighted with the news of this generous investment from FedDev Ontario's Applied Research and Commercialization Initiative. With this funding, our researchers, together with their private sector collaborators, are helping to create a prosperous, innovative future."

For more information on the Applied Research and Commercialization Initiative and University of Toronto partners, please refer to the backgrounder.

FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its third year of operation, the Agency has launched 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.

Contact Information

  • Gary Toft
    Director of Communications
    Office of the Honourable Gary Goodyear

    Media Relations
    FedDev Ontario