TORONTO, April 19 /CNW/ - The Council of Ontario Universities (COU) welcomes the federal government's $15 million investment in a new Applied Research and Commercialization Initiative. Supported by the Federal Economic Development Agency of Southern Ontario (FedDev Ontario), the Initiative will fund research projects by universities or colleges in partnership with local industry that support the development of innovative products, practices, and processes.
"We are delighted that FedDev Ontario and Minister Goodyear have recognized that, as leaders in research and innovation, Ontario universities are a good place to invest," said Sheldon Levy, President of Ryerson University and Chair of Council.
The Initiative will support collaborations between postsecondary researchers and small- and medium-sized businesses in southern Ontario, enabling them to share knowledge and ideas in health care, green tech, new media and other areas that are important to the economy and to the lives of Ontarians. Institutions will undertake pre-commercial applied research, technology development and demonstration activities that will help improve the competitiveness of Ontario businesses and encourage innovation.
"It is essential to the future of Ontario's innovation agenda that universities and businesses work successfully together," said Bonnie M. Patterson, President of COU. "This fund provides an important tool for developing the necessary skills and "innovation know how" of the next generation of southern Ontario's business and research leaders."
SOURCE Council of Ontario Universities
For further information: For further information: Bonnie M. Patterson, (416) 979-2165 x256, firstname.lastname@example.org