Federal budget welcomed for research support, spotlight on digital economy

The latest federal budget, delivered Monday in Ottawa, provides a welcome focus on research and the digital economy, says Ryerson University President Sheldon Levy.

"We are very pleased to see continued demonstration of support for the innovation agenda. Increased funding for the research councils, and initiatives aimed at the digital economy, will serve Canada well in preparing for the future," Levy said. The government has maintained all of the commitments it made for post-secondary education in its proposed budget in March.

The budget includes renewed funding of $100 million over two years for research of clean energy and energy efficiency. Ryerson has recently launched the Centre for Urban Energy, which is devoted to the discovery and commercialization of innovative, practical solutions to urban energy issues. The Centre is developing international partnerships, and Levy said Ryerson is particularly pleased to see the budget provide further development of the government's India engagement strategy, including the announcement of $12 million over five years for a competition to select a Canada-India Research Centre of Excellence.

Ryerson is a leading university in digital media and innovation with a strong emphasis on entrepreneurship. The university opened its Digital Media Zone last year, a dynamic space designed to help students develop digitally-inspired concepts into marketable products and services. To date the DMZ has incubated and accelerated more than two dozen startups creating upwards of 200 jobs.

"Young people are natural innovators and entrepreneurs, and they will drive future innovation and create jobs. We need to continue to provide them the tools and encouragement," Levy said. "The economy of the future will be powered by digital technology and the initiatives in the budget will help position universities to play a vital role. Ryerson intends to be at the forefront."