On March 28, 2018, following the release of the 2018 Ontario Budget, CCI issued the following series of statements on the budget.
On the budget commitment to develop a Made-In-Ontario Data Strategy:
“A provincial data strategy will ensure that Ontarians own and control their data so that it can become an engine of prosperity for the province of Ontario as well as a tool that protects our privacy, public safety, democracy and public health. Canadian tech CEOs welcome the government’s efforts to become a leader in the data-driven global economy. The growing scale and scope of data generated by Ontarians creates an opportunity for Ontario businesses to be more innovative, create more jobs and more wealth in our province.”
On the budget commitment to develop an Intellectual Property Strategy for Ontario:
“A provincial intellectual property strategy is long overdue and is critical to ensuring the success of the Ontario’s innovation agenda. Canadian innovators welcome the government’s commitment to developing a strategy that supports the generation of IP and creates the freedom- to-operate for domestic innovators, as well as educates Ontario firms to become savvy owners of intangible assets. Budget 2018 recognizes that once publicly-funded IP is owned by a foreign company the economic value of that IP does not benefit Ontario’s economy.”
On the budget commitment to Expand the Jobs and Prosperity Fund to Scale-Ups:
“Canadian innovators are pleased to see the province’s Jobs and Prosperity Fund now including greater supports for high-growth scale-ups. For far too long, the fastest growing firms in Ontario couldn’t access the critical capital they needed to scale up because these programs were tailored towards large, foreign multinational companies. Canadian CEOs are hopeful that new funding programs like the Venture Technologies Fund will help more Ontario-based firms access capital, so they can continue to scale up globally.”
On the budget commitment to Invest in Cybersecurity:
“Canadian cyber innovators are optimistic the province’s new investments into cyberreadiness and cyberresiliency will include opportunities for joint partnership between the private and public sector. Canadian sovereignty in today’s digitally-connected world is dependent on a strong relationship between the domestic cyber industry and our governments.”
On the budget’s changes to Innovation Tax Measures:
“Enhancements to the Ontario Research and Development Tax Credit and the Ontario Innovation Tax Credit that are focused on helping scaling tech firms grow in size and global reach are welcomed by domestic technology CEOs. To ensure their ultimate benefit is realized by innovators, the government should ensure that these tax measures are as streamlined as possible and do not become a burden of paperwork for the high-growth firms.”
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About the Council of Canadian Innovators:
The Council of Canadian Innovators is a national business council of over 80 CEOs who run Canada’s fastest growing domestic technology companies. All CCI companies are homegrown ‘scale-ups’ who commercialize intellectual property and sell intangible assets around the world. CCI is chaired by Jim Balsillie, former co-CEO of Blackberry, and John Ruffolo, CEO of OMERS Ventures, the largest VC in Canada.