August 1, 2006 Source: :
http://www.news.utoronto.ca/bin6/060801-2479.asp U of T, partner institutions receive $5.6 million grant to commercialize research
Provincial program aims to commercialize research The University of Toronto has been awarded $5.6 million from the provincial government’s new Ontario Research Commercialization Program (ORCP) to provide industry with co-ordinated access to research conducted in Toronto and to support promising innovations arising in the physical and biomedical sciences. ORCP is part of the government’s Market Readiness program, which aims to bring new discoveries to market with an ultimate goal of creating jobs and improving Ontarians’ quality of life. he University of Toronto will act as the lead institution for two interlinked grants that make up the $5.6 million award. Delivery of a $3 million biomedical program will be done through BioDiscovery Toronto, Canada’s largest biomedical research and innovation network. A $2.6 million physical sciences and information technology program will be delivered by Technology Transfer Toronto, a new network of research and engineering organizations. U of T is a member of both BioDiscovery Toronto and Technology Transfer Toronto. "Technology transfer is increasingly seen as a priority by government and the public," said Tim McTiernan, Executive Director of Innovations at U of T (IUT) and U of T’s assistant vice-president (research). "Discoveries made in laboratories have the potential to dramatically improve everyone’s quality of life — but only if they make it out of the laboratory and into the marketplace." IUT led the successful application for ORCP funding and will oversee the implementation of a fund that will be used to promote the transfer of technologies and ideas from research institutions in Toronto to the private sector. David Shindler, executive director of BioDiscovery Toronto, said that the award will further strengthen what is already Canada’s most extensive commercialization network. "Toronto is recognized as one of the most influential centres of medical science. This award will help fill a critical early development gap and generate entrepreneurial activity." Priorities will include the sharing of knowledge across institutions and the building of an entrepreneurial culture by facilitating communication between institutions, industry and business. John Challis, U of T’s vice-president (research) and associate provost, said, "As a result of funding from the Ontario Research Commercialization Program, this project will propel Toronto’s university, college and hospital research community to create greater value for the province by linking research, industry and capital. Toronto has a world-class research enterprise with tremendous social and economic potential. This project will help unleash that potential."
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