A call was made in the 2009 provincial budget for Ontario to become more creative.  The government is backing this call with substantial funding. Their plan to accelerate innovation is two-fold: supporting research and technology and strengthening the entertainment and creative cluster. They have proposed an additional tax relief and over $785 million to help us get there.   

Here are just few examples of the government’s effort to lead creative people and boost innovation:

• Research infrastructure: $300 million over six years in capital funds
• Biomedical research: $100 million over four years in operating funds
• Innovation Demonstration Fund: $50 million over four years
• Colleges Ontario Network for Industry Innovation: $10 million over 3 years to help SMEs with hands-on applied research, technology transfer and commercialization
• In addition, the government will provide approximately $100 million annually to expand and enhance tax credits for film and television production, computer animation, book publishing and the creation of interactive digital media products.

While the province is experiencing an economic downturn, these initiatives represent an attempt to drive economic growth and create jobs for a new economy. Most will readily acknowledge that our economy has been in a state of transition for some time.  The current recession and global financial crisis has merely accelerated the pace of change and forced governments around the world to think out of the box. With increasingly demanding consumers and intense international competition, success will be measured by our capacity to create, manage and exploit knowledge while responding quickly to new market opportunities.  Government support to stimulate the knowledge driven economy is one step in the right direction.  But is it enough?

So get your pens and pencils out kids…it’s time to get creative!

To what extent will the knowledge-driven, creative economy shape Ontario’s future and what else should be done by all of us to foster its growth?