Innovation, Business and Rural Development
May 6, 2014

The following statement was given today in the House of Assembly by the Honourable Susan Sullivan, Minister of Innovation, Business and Rural Development:

Province Celebrates Innovation Week

Mr. Speaker, I rise in this Honourable House today to recognize Innovation Week 2014, the first week of its kind in the province. Innovation Week brings together both private and public partners to share ideas and build upon the outstanding atmosphere of innovation in Newfoundland and Labrador.

Innovation has a tremendous influence on our province’s social and economic development. Greater creativity invites new opportunities, new industries, and new accomplishments.

Mr. Speaker, yesterday I had the pleasure of opening Innovation Week at Common Ground, a unique space created by local entrepreneurs, for local entrepreneurs to increase collaboration and share small business energy. Later this week I will attend the Innovation Outlook Conference. These events allow me to meet with the people that are making innovation happen, the creative minds behind so many of our province’s success stories.

It was for these innovators and those they inspire that we created the Innovation Lives Here campaign. There are so many incredible stories emerging from all over the province that demonstrate creativity and tenacity, and through the Innovation Lives Here campaign, our government has created a platform to celebrate those successes and acknowledge those who are excelling.

Mr. Speaker, since 2005, our government has invested approximately $210 million to advance business and regional development and support growth and diversification. We also know that venture capital is critical for the development of innovation. Through Budget 2014, we announced we will invest in two Venture Capital Funds with $10 million to support Build Ventures, and a commitment to establish a Venture Newfoundland and Labrador fund with angel investors and other venture capital stakeholders.

By fostering innovation among young people, small and medium-sized businesses, research institutions, and traditional industries, we are making important investments in the future of Newfoundland and Labrador, especially in rural communities where the strength of ventures is key to anchoring youth and driving population growth.

Mr. Speaker, this is an exciting time to live, work, and do business in Newfoundland and Labrador and innovation is a big part of that momentum. I invite all my Honourable colleagues to congratulate all those involved in this year’s Innovation Week.

Thank you.

2014 05 06         1:45 p.m.