Province to develop Innovation Strategy for economic development

Innovation, Trade and Rural Development Minister Kathy Dunderdale said the provincial government is moving ahead with the development of an innovation strategy for the province.

Departmental officials recently met with key partners, including the business community, as well as industry associations such as NATI, federal agencies and post-secondary institutions. Starting this weekend, the department will advertise in newspapers for interested parties to submit proposals to help develop the strategy. The successful consultant will interview and hold focus groups with key stakeholders to feed into the process of developing the strategy.

"Government is committed to building a sustainable, diversified economy in which people and communities can proposer and thrive," said Minister Dunderdale. "We require an innovation strategy that takes into account all regions of the province, that is developed in co-operation with all key stakeholders, and that will help stimulate innovation in all sectors of the economy."

Newfoundland and Labrador has many innovative companies and organizations, particularly in the fields of marine technology, cold ocean engineering and marine communications; and Memorial University of Newfoundland is a leader in research and development. There remains, however, a need to stimulate increased commercialization of research and development projects. In addition to helping the province�s advanced technology sector, an innovation strategy will help other companies and organizations identify new and innovative ways to pursue new business opportunities.

"There is a critical role for science and technology to generate employment and sustainable economic growth," said Minister Dunderdale. "Growth industries depend on the continuous generation and adoption of innovation and the rapid transformation of these innovations into commercial products."

The Government of Newfoundland and Labrador announced in its 2004 Throne Speech that its future economic development approach would be tied to an innovation strategy.

Media contact: Lynn Evans, Communications, (709) 729-4570 or (709) 690-6290

2004 10 22                           2:10 p.m.