Ontario’s continued prosperity depends on its ability to transform ideas into innovative goods and services for global markets.
One of Ontario’s innovation strengths is its significant proportion of higher-education research and development (R&D) funded by business — a key measure of industry-academic cooperation and technology transfer. Based on the latest available data, Ontario’s proportion of business-funded, higher-education R&D exceeded that of most other advanced economies, including the United States and the United Kingdom.
Ontario’s Business-Funded, Higher-Education R&D Compared to Selected Countries
CHART 1.15
Sources: Organisation for Economic Co-operation and Development (OECD) and Statistics Canada.
4.1 5.2
6.2 7.3 7.3
13.9
U.K.
U.S.
OECD Average
Canada Ontario Germany
Percentage Funded by Business (2010)
Breakthroughs by Ontario’s scientists and researchers, however, are not always turned into new products and services. The Jobs and Prosperity Council identified weak commercialization outcomes as a challenge to Ontario’s innovation
economy. Acting on a Council recommendation, the government is implementing a Commercialization and Innovation Voucher pilot program. The voucher will help entrepreneurs and small businesses to access innovation, productivity and commercialization services offered by Ontario’s research institutions.
Sometimes entrepreneurs have difficulty accessing capital that would help them grow their business. The Province is working with the federal government to put in place a new venture capital fund of up to $300 million in partnership with the private sector. This new Ontario-based fund would help strengthen Ontario’s venture capital industry, and help fund potential high-growth firms in
the province.
With discoveries ranging from insulin to stem cells, Ontario scientists have a long history of medical breakthroughs. Ontario continues its support for medical discovery by committing $100 million to the Ontario Brain Institute over five years.
The Institute will use the funds to expand its patient-focused neuroscience research to include Alzheimer’s disease and depression, and continue its work on cerebral palsy, autism and epilepsy.
As noted in the discussion of Ontario’s Youth Jobs Strategy, the Province is establishing a Youth Entrepreneurship Fund and a Youth Innovation Fund to help create Ontario’s future business leaders.
Entertainment and Creative Sector
The entertainment and creative sector is an important component of Ontario’s economy. Knowledge-intensive and creative industries support a higher quality of life and good jobs, making Ontario an attractive place to live, work and visit.
Ontario Music Fund
The government will provide $45 million in grants over three years, starting in 2013–14, for a new Ontario Music Fund. The province-wide fund will support new digital and record production and distribution of Canadian music, increase partnership opportunities, and promote Ontario’s music industry both at home and abroad. Grants from the fund will help the industry to innovate, invest and take advantage of opportunities in the global music marketplace, bringing more recording activity to the province. The fund will also support Ontario’s live music strategy, positioning the province as a leading place to record and perform music.
Massey Hall
Toronto’s Massey Hall continues to play an important role in attracting leading performers from around the world. The government will provide $8 million in 2013–14 to support Massey Hall’s revitalization. The renewal of this iconic landmark will allow Massey Hall to continue to contribute to the growth of Ontario’s performing arts scene as a fully functional modern venue.
Canadian Film Centre
Celebrating 25 years, the Canadian Film Centre is a leader in developing Canada’s creative and entrepreneurial talent in the screen-based and digital media
industries. Many of the Centre’s graduates have gone on to key positions in making innovative, ground-breaking content, winning national and international accolades for their work. The government will provide funding of $9 million over three years, starting in 2013–14, to support the Centre’s educational programs for advanced film, television and new media. This will also develop new market opportunities for its students and their projects.
Film and Television
Ontario leads the Canadian film and television industry as the top production centre, ahead of British Columbia and Quebec, and is third behind California and New York in North America. Ontario’s film and TV production activity accounts for over 40 per cent of all film and TV production activity in Canada.
The Province offers a complete range of advantages including top-notch technical and creative crews, world-class studios and post-production facilities, a dynamic talent pool, a variety of locations, and financial support. As a result, in 2012, the province’s film and television industry contributed $1.28 billion to the economy.
5. Going Global
Ontario’s export-based economy is well positioned to take advantage of emerging global opportunities. According to the OECD, spending by the global middle class is expected to more than double from $21 trillion US in 2009 to $56 trillion US by 2030. The bulk of this growth is expected to come from the Asia Pacific region, where spending is predicted to multiply from about $5 trillion US in 2009 to
$33 trillion US by 2030. As a result, Asia Pacific’s share of worldwide middle-class spending is expected to dramatically increase from 23 per cent in 2009 to 59 per cent by 2030.
The Jobs and Prosperity Council, in its 2012 “Advantage Ontario” report, recommended that:
“…there should be a focus on export opportunities where Ontario has an inherent advantage and where global demand is rising ... agri-food, advanced manufacturing, tourism, health care, education, housing, infrastructure, financial services, natural resources, information communications technology and life sciences.”