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.”