Toronto, Ontario – The Ontario Brain Institute (OBI) has partnered with universities and private sector companies to help accelerate the commercialization of neurotechnologies thanks to a Government of Canada investment of nearly $11 million announced today by the Honourable Gary Goodyear, Minister of State responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“Our government is pleased to support projects and partnerships that will fuel growth and prosperity in southern Ontario,” said Minister Goodyear. “Working together to advance the commercialization of innovative neurotechnologies will not only help create high-quality jobs in the region, but it will also support the discovery of new solutions for the diagnosis and treatment of brain-related diseases.”
Through this investment, 28 partners will join forces to support 14 projects that will help create innovative neurotechnology devices, develop software to improve cognitive abilities, and enhance imaging technologies to advance and improve neurological disease diagnosis, intervention and treatment. The partners include 12 not-for-profit organizations, and 11 private-sector companies, all located in southern Ontario, in addition to five international companies. This project will contribute to growing Ontario’s neuroscience sector, enhancing the competitiveness of local brain technology companies, and bringing innovative brain technologies to market in Canada and abroad. Increased innovation and competitiveness in businesses will contribute to a stronger economy in southern Ontario.
“Our partnership with the federal government demonstrates the collaboration among government, industry and research institutions needed to drive the sustained growth of the neurotechnology cluster in Ontario,” said Dr. Donald Stuss, President and Scientific Director of OBI. “Ultimately, these partnerships will increase Ontario’s economic development potential through new R&D initiatives, regional health technology creation and increased university–industry partnerships.”
This contribution of up to $10,971,133 is being provided through FedDev Ontario‘s Technology Development Program. In addition to the federal funding announced today, these projects have leveraged more than $11 million in private-sector investments.
For more information on OBI, this project or the Technology Development Program, please refer to the backgrounder.
The investment announced today supports the Government of Canada’s science, technology and innovation agenda, which is focused on increasing the country’s productivity, creating jobs and growing the economy.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.