Canada can be proud of its talent pool, its rising number of university graduates and science post-graduates. In comparison to other OECD countries, Canada fares rather well in the areas of education, university-funded R&D, competition and peer review. Where we are not delivering is in transferring the knowledge from our talent pool to the marketplace.

The State of the Nation 2010 report, issued by Canada’s Science, Technology and Innovation Council states “research and development performed by business in Canada is low by international standards.” This is reason for serious concern.

It was with great interest that we, at the Ontario Chamber of Commerce (OCC), read Paul Davidson’s article “We need a culture of innovation: Build links between business and academe” (July 5, 2011). The article highlighted the findings of this report and rightly emphasized the need for Canada to foster a culture of innovation by building stronger links between the private sector and academic institutions.

In an age where innovation is essential to remaining globally competitive, Canada and its provinces cannot afford to lag behind.

For the last eight years, the Ontario Economic Summit (OES), an initiative of the OCC, has been bringing economic leaders from business, government, academia, labour and non-profit communities together, to address some of the most pressing concerns affecting Ontario’s economic prosperity.

In recent years, leaders participating at the OES have pointed to the need for a dialogue about how business-academia collaborations might be enhanced to help build a robust innovation climate. In response, the OES and the Council of Ontario Universities partnered to develop the “Connect to Innovate” (CTI) initiative in 2010.

These workshops, facilitated by local chambers of commerce and boards of trade, were held in Sudbury, London, Vaughan and Windsor. They featured senior administrators from each University with one of their research partners from the business community – exactly what Paul Davidson’s article said was needed for this country to remain globally competitive.

Clearly, one of the most significant challenges we face is an inadequate innovation culture, as noted in Paul Davidson’s article. OES “Connect to Innovate” set us moving in the right direction.

The discussions held were open and honest and demonstrated a sincere desire from all to foster closer relationships with a view to a more innovative economic climate. Most importantly, they provided insight which could lead to additional solutions as we move forward with Ontario – and Canada’s – innovation agenda. A full report of our findings can be found at www.occ-oes.com/connect-to-innovate <http://www.occ-oes.com/connect-to-innovate>.

We found that academic institutions and businesses across the province were shifting their mindsets and opening themselves up to new collaborations or building on existing ones in more innovative ways. They recognized the strategic importance of being innovative in the way we work together, to advance our standing on the international stage.

We thank Paul Davidson for showcasing the importance of innovation in our economy – and society. We are pleased to be part of the solution as we host additional workshops in other communities across Ontario throughout 2011 and 2012. This unique program will be extended to include Ontario’s Colleges and we will review our progress at the next Ontario Economic Summit, taking place November 21-23, 2011 in Toronto.

Economists have long acknowledged that economic forecasting is far from a precise science. It’s therefore no surprise that some of the country’s leading economists are at odds over whether a recovery has taken hold, or if we’ve already entered a second downturn.

On the one hand, there are those who believe our economy is facing a better than expected fiscal situation and is showing signs of recovery. The current debate for them is whether we need additional fiscal stimulus or whether the status quo should be maintained. According to a recent article in the Financial Post, “the federal Conservative government plans to introduce three new measures in the coming weeks aimed at boosting the country’s economy and stoking job creation”.  It’s reported that the focus will be on job creation through lower taxes and fiscal restraint as opposed to a heavy influx of government assistance, as has been the case in the United States in recent months.  In a recent blog by Glen Hodgson, Chief Economist at the Conference Board of Canada, predicts that “if spending restraint can be kept on track, the federal government should be able to balance its books a full year earlier than projected. The federal debt-GDP ratio will peak at about 35 per cent in 2010-11—still well within manageable levels and significantly better than every other major industrial economy.”

On the other hand, some economists believe the road to recovery is still a long way away. One such economist is David Rosenberg , Gluskin Sheff’s Chief Economist and Strategist. In one of his articles, he raises “the odds of a double-dip recession in the United States from 45% a month ago to 67%, based on his firm’s in-house economic modeling”, which will of course affect our own economy due to our inter-dependent trading relations with the U.S.

Participants will hear both experts outline their forecasts and provide further insight at the 7^th Annual Ontario Economic Summit (OES) in Niagara-on-the-Lake from November 1-3, 2010.   Some spaces still remain for interested senior-level leaders to attend the OES.

Image: CBC (www.cbc.ca/.../iStock_recession_recovery.jpg)

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.

The Ontario Economic Summit (OES) has  been engaged in an effort to improve prosperity in Ontario for about 6 years. We organize an annual Summit in Niagara-on-the-Lake where large and small businesses, labour, academia, not-for-profits, and government sit down together to focus on collectively making Ontario one of the strongest jurisdictions in the world. We cover the challenges, shortcomings, opportunities, and successes. We look at how to do things better…

• Which jurisdictions can we look to for great examples in a variety of areas?
• How can we learn from them and what is applicable to Ontario?
• Who will take action? What systems do we need to create?
• What is already in place and how can we build on it?

Throughout the years, the OES has turned delegates’ recommendations and concerns into exciting new initiatives that affect positive change for Ontario, such as Global Experience@Work, Investment-Ready Communities, and others.

A lot of hard work takes place between each Summit, however, broad engagement and awareness during these periods has not yet been realized.  With that in mind, the OES will now offer our Summit delegates, and others who care about the future of Ontario’s economy, an exciting opportunity to become engaged and to keep the momentum of the Summit moving forward. We have created the OES online community to spark open and honest communication about issues, solutions, and opportunities that will help transition Ontario to a new strong economy.  Here’s what you can expect…

OES Bits – The economic issues Ontario is facing and what the OES is doing about them. Learn more about follow-up initiatives and OES research and, most importantly, let us know what you think about it.

Summit Sizzles – Teasers about the upcoming 6th annual OES, including speaker announcements and other details.

Issue This! – Showcasing interesting and relevant, but sometimes overlooked, news.

Question of the Moment – We ask. You answer. Tell us what you think about important economic issues in Ontario.

OES Talks – A podcast featuring thought-provoking debate, interesting ideas, issues, and opportunities, fresh from the minds of Ontario’s thought leaders.

Do you have ideas for great topic areas or other content for OES Talks?  Tell us about it in the comments!