MINISTRY OF ECONOMIC DEVELOPMENT AND INNOVATION
ONTARIO By Shawn Lawrence
MEDI, ONTARIO’S NEW ONTARIO’S DOORS MINISTRY ISTOOPENING GLOBAL OPPORTUNITIES Last October, the Ontario government took a bold step by merging the Ministry of Economic Development and Trade, and the Ministry of Research and Innovation into one. The decision to integrate the two into the Ministry of Economic Development and Innovation (MEDI) was made because the government saw the important link between research, innovation, the economy and job creation. The goal of this new ministry is to open doors to new investment for these industries, including those in the bioscience, the biopharma, medical technology and clean tech sectors. “This merger is definitely not a matter of ‘change for the sake of change’,” comments MEDI’s first Minister, Brad Duguid. He adds that MEDI signals a new era for innovation in Ontario, and with it, a new chapter for Ontario’s bio economy. “I think it’s a sign that this government is serious about innovation and wants to see business development activities on the rise in this sector,” he says. Duguid explains that the new ministry is responsible for programs which attract and retain business and economic development in the province. Specifically, it is charged with the task of finding new ways to open doors to both the business and investor communities. “These are certainly not the only reasons for combining the ministries, but they are definitely a factor. Canada as a whole is a trading nation and a very important part of economic growth involves expanding trade. At the same time, enabling public/private partnerships is integral to the creation of interesting projects and new businesses. The idea is to ensure that innovation continues to be a driving force for Ontario’s economy and MEDI has more clout to build on the
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Biotechnology Focus / June 2012
Ontario Minister of Economic Development and Innovation Brad Duguid. Photos: Nation Wong Photography
work accomplished by its previous entity, the Ministry of Research and Innovation.” “MRI was fantastic at facilitating collaborative efforts internationally, whether through its trade missions to Asia, or partnerships like the Stem Cell Consortium. It was also very successful in building partnerships between industry and academic leaders to promote and commercialize technologies. The goal of MEDI is to be better situated to reach out internationally as well as acting as a bridge between industry and academia.” Thus far, the new ministry appears to
be making good on its mandate, continuing onward with these initiatives, yet also expanding into other key areas such as business development. At the same time, MEDI hopes to address the root causes of Ontario’s productivity gap, increasing access to capital and bringing together entrepreneurs, academia and investors to help build globally focused, investor-ready companies. One priority for this new ministry is addressing the funding gap that is facing the industry, and on that front, there has been plenty of activity.
