ONTARIO : Government of Ontario Investing In High-Paying, Highly Skilled Jobs New Program To Help Develop Technologies

Investment Update – June, 2006
Toronto, Ontario

Government of Ontario Investing In High-Paying, Highly Skilled Jobs New Program To Help Develop Technologies

Ontario – The Government of Ontario is helping innovative companies develop cutting-edge technologies that will strengthen Ontario's economic advantage and provide high-value jobs for the future.

"Economic success occurs when people have the necessary support to turn good ideas into innovative products and services. By building a province that truly capitalizes on the talent of people, we're creating new wealth and a higher quality of life for us all," said Premier Dalton McGuinty, who also serves as the Minister of Research and Innovation.

The four-year, $24-million Innovation Demonstration Fund helps companies develop promising new technologies by supporting them at the pilot or demonstration project stage. The fund focuses on new bio-based products (made from biological or renewable materials), environmental and alternative energy technologies. The result will be high-value jobs, future economic prosperity and improved quality of life for Ontario families.

This program targets technologies that have gone through initial testing in the lab, but now need to be tested at the pilot or demonstration stage to see if the technology can be competitive when brought to market. For example, specific equipment may have to be purchased to pilot the technology or additional expert staff may have to be hired. A successful pilot often means these technologies have a much greater chance of success than ones at the "idea-only" stage.

The Innovation Demonstration Fund is just one component of the Ontario government's $160-million Ideas to Market strategy. Announced in the 2006 Budget, the strategy will help companies turn research and ideas into new products and services for the marketplace.

This new investment is the latest way the government is supporting businesses that help Ontario prosper.

The government has:

- Encouraged strong job creation, with almost 230,000 net new jobs in the last two years
- 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.

“By encouraging and supporting the innovative spirit of Ontario entrepreneurs, we are investing in our economic future," said Premier McGuinty. "Bringing emerging technologies to market faster creates more jobs, builds future prosperity and ensures that Ontario is the place to be for years to come."

Instructions and terms and conditions for applying to the program are posted on the Ministry of Research and Innovation's website at: www.ontario.ca/innovation .

Contacts Presse :

IRIS CONSEIL
Christine Arnal
Tél : 00 33 (1) 45 44 04 21
Fax: 00 33 (1) 45 44 18 14
E-mail: c.arnal@iris-conseil.net
& Site: http://www.iris-conseil.net

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