Ontario Liberal Plan Will Boost Successful Start-up Companies

PCs And NDP Have No Plan To Help High-tech Firms

OTTAWA, Sept. 21, 2011 /CNW/ - Ontario Liberals will triple the number of successful start-up companies in Ontario in the next five years, Ottawa West-Nepean candidate, Bob Chiarelli said today.

"We're moving forward, together, with the next chapter of the Ontario Liberal Plan, Chiarelli said, while visiting Magor Communications. He was accompanied by Research and Innovation Minister Glen Murray, who outlined details of the Ontario Liberal Plan, Forward. Together.

"We're going to triple the number of successful start-up companies in Ontario in the next five years," said Murray, Liberal Candidate for Toronto Centre. "We're creating incentives to ensure that innovative companies have the capital they need to grow."

Since 2003, the McGuinty Government has invested over $120-million in research initiatives and investment support in the Ottawa Region, which has leveraged over $200-million in matching funds from the private sector.

"We welcome this initiative from Dalton McGuinty and the Ontario Liberals," said Mike Pascoe, President and CEO of Magor Communications, a global leader in visual collaboration solutions.  "As we have seen with our own development, timely support in the early stages can result in globally successful companies that drive job creation in Ontario."

Companies like Avaya; Best Theratronics; SiGe Semiconductor; Ciena Canada and Cisco have partnered with Ontario within the past year to support innovation, drive local investment and create hundreds of local jobs.

"Today's innovative industries, like biotech and the entertainment and creative cluster, are creating jobs in exciting new fields," Chiarelli said. "Ontario Liberals have been supporting growth in these fields and will now take the next steps through Ontario's Innovation Agenda.

This strategy aims to make innovation the driving force of our economy, to create good new jobs with the best-educated workforce. Ontario Liberals have simplified our business tax system through reform, and cut taxes on new business investment by 55 per cent.

The next steps include a tax credit for individual angel investors in start-up companies as well as incentives for setting up Ontario-based venture capital funds.

The Hudak PCs have $14 billion in unfunded giveaways and tax cuts that would mean deep cuts to education and innovation. The Horwath NDP would introduce a crushing $9 billion in job-killing taxes. Both would take Ontario off track at the worst time.

"Ontario needs strong leadership and a strong team that will protect the progress we've made and encourage innovation," Murray said. "Only Dalton McGuinty and the Ontario Liberals have a plan to build innovation and investment — and create good jobs."

SOURCE Ontario Liberal Party

For further information:

Ontario Liberal Party Media Office:

416 961-3800 ext. 328

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Ontario Liberal Party

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