TORONTO, Sept. 18, 2015 /CNW/ - Ontario's colleges are urging parties in the federal election to commit to increased support for applied research that helps businesses become more innovative and take new products to market.
"As the world economy becomes more challenging, there is a growing need to encourage more businesses to innovate," said Linda Franklin, the president and CEO of Colleges Ontario. "For many small and medium-sized businesses (SMEs), partnerships with colleges often provide the best opportunity to conduct applied research that helps businesses become more effective and create new jobs."
The Conference Board of Canada has reported that college-based applied research is a catalyst for driving innovation and productivity, particularly for SMEs that may not have the resources to conduct research on their own.
There are more than 750 companies working with Ontario's colleges each year to pursue market-driven applied research activities. These partnerships lead to numerous innovations in a wide range of areas, from biotechnology to the creation of new computer software and innovations in 3D technology.
It is vital that resources are available to help small and medium-sized businesses become more innovative, as they make up more than 90 per cent of Ontario's businesses.
"The new economy demands that businesses of all sizes focus on new innovations," Franklin said. "We are urging all parties to commit new resources to innovation and economic growth."
SOURCE Colleges Ontario
For further information: Amy Dickson, Manager, Media Relations and Communications, Colleges Ontario, 647-258-7686, firstname.lastname@example.org