Supporting Innovation in the New Economy

Our investments support high-growth firms, technology adoption and the retention of intellectual property

Innovation is critical to global economic competitiveness and to creating good jobs.

In 2014, you elected us to build Ontario up. Since then, to support Ontario’s leadership in innovation and new technologies, the Ontario Liberal government has invested in artificial intelligence (AI), autonomous vehicles, the latest wireless communications and advanced computing technologies. It created the New Economy Fund to invest in the advanced manufacturing, information and communications technology, life sciences and cleantech sectors. It also supports the entrepreneurs and innovators in Ontario’s high-growth firms.

But we need to do more. Entrepreneurs need more help to start innovative businesses and then scale them up. Ontario needs to support R&D and advance and commercialize new technologies.

That’s why the Ontario Liberals will support innovation in the new economy. Our plan will:

  • Increase investment in the New Economy Fund by an additional $500 million over 10 years
  • Create an $85 million Venture Technologies Fund to help high-growth firms scale up, creating and retaining more than 5,000 jobs
  • Create a $50 million Transformative Technology Partnerships Fund to support innovation in AI, 5G wireless communications, advanced computing and autonomous vehicles
  • Increase both of Ontario’s R&D tax credits to encourage investment and commercialization
  • Create a data strategy to ensure Ontario people and businesses benefit from publicly funded economy and protects the public interest
  • Continue to support the competitiveness of Ontario’s FinTech and Cleantech sectors
  • Continue to support research and regenerative medicine through a $25 million commitment over five years
  • Develop a strategy to help Ontario firms protect and leverage their intellectual property
  • Review government procurement practices to identify ways ministries and agencies can devote a portion of all procurement toward innovative solutions from small businesses

Share the plan