New TBED Efforts to Make Ontario Leader in Innovation

To spur job creation in Ontario, the provincial government recently announced two initiatives focusing on innovation and regional economic growth -- the new Fuel Cell Innovation Program and the newly refocused Northern Ontario Heritage Fund Corporation (NOHFC).

By investing $3 million annually through 2008 into hydrogen fuel cell R&D, the Ontario Fuel Cell Innovation Program will strive to make alternative energy technologies that can be fully commercialized in Ontario and marketed globally. The program's approach will be two-pronged: linking small and medium-sized businesses in Ontario with researchers, business expertise and venture capital; and, encouraging the development, deployment and adoption of fuel cell technologies for new and existing manufacturing and commercial application.

NOHFC launched six programs to implement its new mandate of fostering sustainable jobs and economic development while increasing economic opportunity for the province's northern communities. New initiatives include:

• Enterprises North Job Creation Program - offering matching funds of up to $1 million for capital costs associated with enterprises creating jobs in the North. Eligible costs include construction, equipment purchases and intellectual capital acquisition.
• Northern Ontario Youth Internship and Co-op Program - providing young entrepreneurs with the opportunity to develop skills to make the transition from school to the workplace, while encouraging them to remain in the North. The program will provide conditional contributions toward the wages of postsecondary students ages 29 and under in selected science and technology sectors.
• Northern Ontario Young Entrepreneur Program - providing entrepreneurship education to help youth develop business skills and offering financial assistance of up to $25,000 and 85 percent of the capital costs associated with business start-up.
• Small Business Energy Conservation Program - helping small business owners conserve energy and reduce their demand on external energy sources by proving matching grants covering up to 50 percent of energy retrofit and internal energy generation projects.
• Emerging Technology Program - supporting public-private partnerships toward innovative initiatives and demonstration projects that will create jobs and increase economic development. Projects to be supported may range greatly including centers of excellence, life science research, telecommunication projects and film production.
• Infrastructure and Community Development Program - encouraging partnerships between businesses, economic sectors and communities to find effective ways to create jobs and improve economic prospects through community improvement projects and development programs.

More information on the Fuel Cell Innovation Program is available at www.fuelcells.2ontario.com. NOHFC program details and application guidelines are available at www.nohfc.com.