U of G Links With Business to Accelerate Innovation, Application
October 14, 2010 - News Release
The University of Guelph has received $750,000 from the federal government to help bridge the gap between research and commercialization.
The funding comes from the Applied Research and Commercialization Initiative, started by the Federal Economic Development Agency for Ontario (FedDev Ontario) to boost the region’s economic recovery. It’s part of the federal government’s economic action plan.
The $15-million pilot program encourages collaboration and partnerships among colleges and universities and the private sector. U of G’s share of the funding was announced Tuesday by Gary Goodyear, minister of state (science and technology) in Kitchener.
“The goal is for universities to work with smaller businesses to help develop their innovative ideas, practices or products, and get them to market,” said Rich Moccia, U of G’s associate vice-president (research).
Small and medium-sized companies often lack internal research and development expertise. This new initiative will link postsecondary institutions and companies in everything from testing new products to developing technology to helping with the engineering of a concept, Moccia said.
"As a result, ideas will evolve into products and action faster and more efficiently,” he said, adding that the program might encourage additional private-sector investment in university research.
“Our students will benefit by being exposed to a variety of entrepreneurial opportunities, creative ideas and industry trends.”
U of G will participate in 10 industry-academia partnerships starting this fall and continuing through 2012. The collaborations will involve industries involved in food and health, environmental science, water quality and treatment, human and animal health, and biodiversity
In related news, Michael Chong, MP for Wellington-Halton Hills visited campus Wednesday to announce another FedDev Ontario program, Scientists and Engineers in Business. It’s intended to help recent graduates and graduate students develop entrepreneurial skills. The program will fund young researchers in science, technology, engineering and mathematics to improve their business and management skills, and help them develop their ideas into businesses, new products or services.
Funding is provided both to universities for commercialization fellowships and to not-for-profit organizations for skills development and training. Applications for projects are being accepted on an ongoing basis.
For media questions, contact Communications and Public Affairs: Lori Bona Hunt, 519-824-4120, Ext. 53338, or lhunt@uoguelph.ca, or Deirdre Healey, Ext. 56982 or d.healey@exec.uoguelph.ca.
