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Premier Announces New Innovation Fund

The Ministry of Research and Innovation recently announced a new fund designed to help innovative companies develop cutting-edge technologies that will strengthen Ontario's economic advantage and provide high-value jobs for the future.

The four-year, $24-million Innovation Demonstration Fund helps companies develop promising new technologies by supporting them at the pilot or demonstration project stage. The fund focuses on new bio-based products (made from biological or renewable materials), environmental and alternative energy technologies. The result will be high-value jobs, future economic prosperity and improved quality of life for Ontario families.

This program targets technologies that have gone through initial testing in the lab, but now need to be tested at the pilot or demonstration stage to see if the technology can be competitive when brought to market. For example, specific equipment may have to be purchased to pilot the technology or additional expert staff may have to be hired. A successful pilot often means these technologies have a much greater chance of success than ones at the "idea-only" stage.

"Economic success occurs when people have the necessary support to turn good ideas into innovative products and services," said Premier Dalton McGuinty, who also serves as the Minister of Research and Innovation. "By building a province that truly capitalizes on the talent of people, we're creating new wealth and a higher quality of life for us all."

For more information about the program, visit the Premier's website.

The Innovation Demonstration Fund is just one component of the McGuinty government's $160-million Ideas to Market strategy. Announced in the 2006 Budget, the strategy will help companies turn research and ideas into new products and services for the marketplace.

Ontario Centres of Excellence Inc. delivers the Ontario Centres of Excellence Program on behalf of the province of Ontario. This program is an vital part of the province's innovation strategy, igniting innovation by supporting vital connections between Ontario innovators.