The stakes are high. Innovative economies, like Ontario's, that provide fertile ground for knowledge-based companies to grow can look forward to good jobs and a high standard of living in the future. Those that are not up to the challenge will see high unemployment and a declining standard of living. The job creation payoffs from innovation and research and development are substantial. During the last 10 years, two of every three new jobs in Ontario were created in knowledge and technology-based industries.
Innovation is the key that unlocks the door to knowledge-based growth and job creation.
Just as it is necessary to invest in people and in physical capital for the economy to grow and create jobs, so also is it necessary to invest in innovation. Encouraging the province's leading companies, large and small, to partner with Ontario's finest universities is another effective way to build the knowledge that will enable our companies to compete on a world scale and create jobs. This investment will promote greater partnership and collaboration between the private sector and Ontario universities and support research excellence in our universities. Their purpose is to move the economic yardsticks ahead - to create jobs, increase productivity, and raise incomes. In the 21st century, the ability to create and apply commercially valuable knowledge will separate the economic leaders from the rest of the pack.