Innovation, Transportation and Red Tape are just a few of the topics that will be discussed at the upcoming Ontario Economic Summit (OES). Over the past 7 years, the OES has become known for its forward-thinking and the opportunities it creates for the growth in Ontario, as expressed by Ken Lewenza, National President, CAW – Canada:

“The development of successful and fair economic policies requires the participation of all stakeholders: business, government, labour, NGOs, and communities. The OES is one of the few venues where all these constituencies can get together for a frank and fruitful discussion of how to build a better economic future.”

The OES is on track to be another memorable and successful event. To find out more about what’s in store for this year’s Summit, check out the preliminary agenda online.

Register before July 30 to receive the early bird discount and save $400!

Many immigrants turn to Ontario for a new lease on life and a fresh start. Ontario is seen as a place of great opportunity and yet the province does not always live up to its reputation. A recent study published by the Toronto Board of Trade outlines the increasing wage divide between immigrants and Canadian-born workers. Many of these Foreign Trained Professionals possess the skills needed in the province however many are unable to find work within their fields at a reasonable wage. The wage gap is having a hindering effect on the current and future success of Ontario’s economy. Take a look at this article from the Globe and Mail to learn more: Failure to tap into immigrants’ skills costs billions.

Industry Canada’s Ontario Regional Office released the May 2010 update of the Ontario Economic Overview.

Things seem to be looking up for Ontario:

• Ontario’s GDP outpaced both Canada and the US in Q4 2009 by 1.6%
• Ontario’s economy is forecasted to grow by 3.6% this year just ahead of Canada’s 3.4% projected growth
• A slight decline in unemployment is expected: down to 8.1% from 8.9%
• Quebec based Héroux-Devtek announced it will be investing $26.5 M in its Kitchener facility
• Hind High Vacuum Company, a Canadian solar firm, announced they will build a solar panel manufacturing facility at the Windsor International Airport which is forecasted to create 200 new jobs

Visit: http://www.ic.gc.ca/eic/site/ich-epi.nsf/eng/02043.html to receive a full copy of the report.

As transit networks across the province are in an ongoing cycle of unavoidable updates, expansions and repairs, funding sources are becoming more difficult to find. Transit City, a major Toronto transit project to expand and update the current rail system, is currently under discussion between municipal and provincial politicians and Metrolinx, all partners in this project, to finalize details on funding and a reasonable timeline for completion. The Province has committed $8.15 billion to this project which is slated to be completed over ten years, a revision to the original completion time of eight years. Transit infrastructure renewal is essential for the long term economic growth of Toronto – indeed many communities - and their ability to attract and retain business investment.

A report released on Wednesday by the Toronto Board of Trade outlines sixteen revenue generating ideas that could provide funding for transit within the City of Toronto, including parking surcharges, gas taxes and road tolls. The study estimates that the Greater Toronto and Hamilton Area (GTHA) will need about $2 billion annually to fund the Metrolinx vision.

Studies like this are a great start to finding solutions, but Toronto and other municipalities across Ontario will have to continue to take a serious look at how transit is funded across all networks and develop an innovative plan to generate necessary funding to support the ongoing needs of transit infrastructure. Recently at the Ontario Chamber of Commerce Annual General Meeting, delegates from across Ontario gave their support to the exploration of alternative funding sources in light of the enormous need for transit and transportation infrastructure. The OES will be taking a critical look at alternative forms of funding for infrastructure projects in the transportation of goods, as this is vital to the future success of business within the province.

What is the best way to fund transit infrastructure in the province? Share your ideas on how to fund this investment in the future of the province.

It seems fair to say that the predominant subject of conversation over the last two years has been the recession. The mood has understandably been fairly negative, not just in Canada but around the globe. Media are full of stories of businesses downsizing or shutting down, jobs being lost, financial markets fluctuating in unprecedented ways and now, most concerning of all, entire countries on the brink of bankruptcy. Without downplaying these negative effects, how about injecting some positivity into the mix? As history has proven so many times, recession doesn’t always have to be all doom and gloom.

Do you know what the following companies have in common: General Electric, Hewlett-Packard, Microsoft, CNN, MTV? They were all born during recessions. Even Apple’s i-Pod emerged from the dot.com recession. So what are these companies doing right? They know 3 things:

• Innovation is key to remaining competitive. During recessions, most companies cut back on R&D and marketing spending. To retain a competitive edge, don’t do what everybody else is doing. Stand out!
• Being proactive is the winning formula. They have put the “I” back into Innovation by asking themselves how they can make a difference and contribute to economic prosperity. Lead the market, don’t react to it. Throw the adage “Necessity is the Mother of Invention” out of the window.
• Collaboration is key. Business leaders and those they need to collaborate with, more often than not, have the same agenda and ambitions. Yet somehow they speak different languages. This “Tower of Babel” needs to disappear if we are to move forward.

Following the above logic, the OES has turned its attention to business-university partnerships. Perhaps you are thinking:

• What is the value of such partnerships? How can applied research be transferred successfully to the private sector?
• Our company has experience partnering with universities and I’d like to share some of my ideas to improve the situation.
• How can I establish a research partnership? I heard it can be a tremendously complicated process. Where do I go for information?
• How can we all make the current environment even better for both businesses and universities?

If you want answers and wish to share some of your experiences, join us in Sudbury, London or Vaughan for our “Connect to Innovate” workshops.

Send us your thoughts before the first workshop on May 26th! Take our Innovation Poll.

Picture by: theonlyone