Ontario asks CCA to assess innovation investments

The Ontario Ministry of Economic Development and Innovation (MEDI) has asked the Council of Canadian Academies (CCA) to undertake an expert panel study to assess best practices to measure the socio-economic outcomes and impacts of the province's spending on R&D and innovation. The CCA is being asked answer the following question: "How can the actual and potential outcomes and impacts of Ontario government spending on innovation and scientific activities be measured, including but not limited to the effects on GDP in Ontario, generation and transfer of knowledge; creation of new ventures; and access to seed, development and growth capital?" The panel will also address the feasibility of building a model to quantify return on investment; evaluating other funding models and whether they can be applied to Ontario; and, identifying Ontario's areas of innovation strength. The Ontario assessment is only the second to be requested outside of the federal government and the fourth outside of the CCA's funding agreement with Industry Canada....