Ontario Investing $650 Million in the Business Growth Initiative
Today, Premier Kathleen Wynne highlighted the government's plan to keep Ontario at the cutting edge of the digital economy at the Ontario Centres of Excellence Discovery conference.
In the 2017 Budget, Ontario announced it is expanding its investment in the Business Growth Initiative to support research and development of next-generation technologies in areas including:
- Advanced computing: Supporting operating costs across the province and making new hardware investments at the Universities of Toronto and Waterloo
- Autonomous vehicles: Creating the Autonomous Vehicle Innovation Network in partnership with the Ontario Centres of Excellence to capitalize on their economic potential
- 5G (fifth-generation) wireless technology and next generation networks: Investing in ultra-high-speed communications infrastructure through two projects by industry-led groups
- Quantum technologies: Partnering with Waterloo's Quantum Valley in creating the Quantum Valley Ideas Lab to develop breakth rough research and train highly qualified personnel.
- Strategic investments in these and other areas will help Ontario thrive in the digital economy by fueling the adoption of transformative technologies across industries, sectors and society. This will help businesses innovate and compete globally, and attract and retain top talent in Ontario's highly skilled workforce.
Investing in transformative technology is part of Ontario's plan to create jobs, grow our economy and help people in their everyday lives.
"Our government recognizes that innovations like the ones unveiled at OCE Discovery fuel our economy and create the jobs and technologies that will keep it growing into the future. We are pleased to support these next-generation ideas that will boost Ontario’s competitive advantage and maintain our position at the leading edge of technological innovation."
— Brad Duguid, Minister of Economic Development and Growth
- The $650 million, five-year Business Growth Initiative is helping to grow the economy and create jobs by promoting innovation, helping small companies scale up and modernizing regulations for businesses.
- The 2017 Budget also includes support for a new $4-million cybersecurity pilot project to reduce cybersecurity risks, strengthen the province’s private financial institutions and create high-tech jobs.
- In March, Ontario announced an investment in the Vector Institute for artificial intelligence in partnership with the federal government and industry. The investment will help to produce, attract and retain highly sought-after AI talent in Ontario.
- Ontario’s information and communications technology cluster comprises more than 19,000 firms and is second only to Silicon Valley in North America.