The provincial government pledged $38 million for three Toronto research institutions on Friday.
Premier Dalton McGuinty will give $15 million to the University of Toronto, $1million to the Ontario Centres of Excellence, and another and $8 million to MaRS Discovery District.
"By providing more support, we are investing in one of Ontario's greatest assets - the skills and knowledge of our dynamic academic and entrepreneurial communities," said MPP for Toronto Centre-Rosedale George Smitherman, who made the announcement.
"Our government is doing its part to turn home-grown ideas into home-grown jobs."
The Liberals said the three institutions are getting funds because:
- The University of Toronto is advancing research in structural genomics, the study of human proteins to treat diseases such as cancer;
- OCE is a leading driver of the research-to-market process, with a focus on improving Ontario's competitive edge; and
- MaRS is building a closely connected community, bringing together research, capital and industry to improve technology, and add to the number of Canadian companies achieving global success.
"This investment will result in highly marketable, leading-edge, clean technologies, and the creation of high-value, knowledge economy jobs across the province," Mark Romoff, President and CEO of the Ontario Centres of Excellence, said in a press release.
McGuinty said the $38 million is a smart investment because you have to spend money to make money.
"We know that jurisdictions that invest in innovation will be home to the most rewarding jobs, the strongest economies and the best quality of life," McGuinty said.
