The Ontario government has announced plans for a four-year $46
million program that will help new companies develop cutting-edge
technologies to fuel the economy and create jobs for Ontario
families, according to provincial officials.
The program -- dubbed Market Readiness -- is part of Ontario's
$160 million Ideas to Market strategy that will provide financial support, training and management
expertise.
"What (our) research tells us is a lot of start-up companies in
their early stages often fail because of lack of business acumen or
financing," said Perry Blocher, senior media and communications
advisor, Ministry of Research and Innovation.
According to the Ministry's Web site its goal is to "unlock the
creative potential in every person, institution and company across
the province and help Ontario become a place that is more willing
to take the innovative leaps that lead to the next wireless
breakthrough, cancer treatment or fuel cell technology."
The market readiness program is a step towards meeting the
Ministry's mandate and is a way for the Ministry to provide an
infrastructure and means to help companies accelerate bringing
their ideas to the marketplace, according to Blocher.
"This government is committed to providing an infrastructure to
help make that happen and be successful," he said. "If companies
are successful, that benefits the entire province because of the
high paying jobs and economic spin-offs."
The program is about the imagination and vitality of the people
in Ontario and moving their ideas and nurturing those ideas,
Blocher said.
"Whatever they feel is lacking in the marketplace or is a new
idea that can benefit society, we are not about restricting those
ideas but embracing new ones -- whatever they may be," he said.
To help deliver the program to technology researchers and
companies in the province, the Ministry has teamed up with the Ontario Centres of Excellence (OCE) and the MaRS Discovery District.
The OCE taps the potential of Ontario universities and research
hospitals to act as generators of innovation, while MaRS is
dedicated to accelerating the commercialization of new ideas and
technologies.
No formal details on how the program will be delivered have been
announced.
"It's very much in development," said Shawn Murray,
spokesperson, Ontario Centres for Excellence. "We are working on
how this funding is going to be allocated and we hope to have
something to announce in early fall."
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