Ontario-based research entities will receive $170m in funding over the next six years, the province's government announced late January 2014. The sum will be divided between two government entities, Ontario Research Fund (ORF) and Research Infrastructure, with the latter receiving $112m.
Since 2003, ORF's projects have reportedly leveraged $2.6bn in funding and added more than 5500 new jobs to the local economy. Moreover, in the past 10 years scientists benefiting from ORF's support established 64 spin-off companies, creating 571 new jobs, according to estimates by Ontario's government.
“Research is the foundation of a knowledge economy – new findings lead to new technologies, companies and jobs. Across the province, researchers and companies are improving competitiveness, launching new ground-breaking products and services, and changing lives,“ Reza Moridi, Ontario's minister of research and innovation, said on the day of the new funding announcement.
The cash injection is intended to attract further researchers and private investments to the province, which already accounts for nearly half of all research in Canada. Globally, the country is gaining traction as a research hub. According to the Council of Canadian Academies, a non-profit scientific research support organisation, despite accounting for only 0.4% of the world's population, Canada produces 4.1% of all research papers globally.