TORONTO, April 19 /CNW/ - Ontario's public colleges applaud the announcement today by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) of new funding to support applied research projects that will strengthen competitiveness and economic growth.
"This is a significant investment into research that can help businesses grow and create new jobs," said Linda Franklin, the president and CEO of Colleges Ontario. "We congratulate the federal government for recognizing the importance of applied research in Ontario's economy."
Franklin said that Minister of State Gary Goodyear, who is responsible for FedDev Ontario, has shown tremendous leadership on advancing applied research. "We thank Minister Goodyear for his commitment to Ontario's colleges, industries and economic prosperity."
FedDev Ontario today announced the Applied Research and Commercialization Initiative for southern Ontario colleges and universities which will provide up to $15 million to help small- and medium-sized businesses move promising products, practices and processes from the research and development stage to the marketplace.
Applied research is research that can help businesses and industries find solutions to practical problems and develop products and services for commercialization. While most colleges in Ontario are engaged in applied research projects with local businesses, there is a tremendous need to expand the amount of research activity taking place.
"Hopefully, the success of this pilot will demonstrate the need for ongoing support of this critical activity in all parts of Ontario as well," said Franklin, noting that this is an important step forward in promoting employer-initiated research and development. "Ontario's colleges have a great deal of expertise to bring to these projects and are excited about the new possibilities that will be created through this program."
SOURCE Colleges Ontario
For further information: For further information: Sally Ritchie, Senior Communications Officer, Colleges Ontario, (416) 596-0744, ext. 242, email@example.com