Ontario is choosing its targets carefully as it continues to unveil its strategy for increasing the return on research investment. Through the recently created Ministry of Research and Innovation (MRI), it is launching programs designed to stimulate interaction among the players required to make innovation happen.
And while the MRI’s full slate of programs has yet to be announced, the early signs are encouraging. Making use of existing organizations through the province, targeted funding for a range of activity – from prototype development to business mentoring – is being funded at the local level. The objective is to increase commercialization capacity and advance technology development simultaneously, to prepare research and the companies that are exploiting it for private sector investment.
The real test will be the introduction of an early-stage venture capital fund, being readied for implementation later this year. The intention is to put $90 million in public funding on the table to attract much more in private investment, directing it into firms that have demonstrated the ability to take world-class technology into the global marketplace.
Ontario is also making use of established and emerging organizations (Ontario Centres of Excellence and MaRS Discovery District respectively) to help deliver its services and expertise. By encouraging greater sectoral interaction, a culture of innovation will hopefully emerge that plays on Ontario’s strengths and is competitive with other major innovation hubs globally. It’s risky business but well worth the effort if it pays off.
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