A groundbreaking Report on Ontario’s clean technology industry was released today. This first ever study, done by OCETA and the Russell-Mitchell Group, in collaboration with Sustainable Development Technology Canada (SDTC) and the Ontario Government, found that Ontario’s clean technology industry is poised for growth, and is comprised of companies that manufacture, develop and sell competitive products. Despite this promise, these companies face key challenges in becoming globally competitive – including lack of growth capital, weak domestic demand, and a small pool of management experienced in product commercialization.
The Report found that in order for Ontario clean technology companies to capture a greater global market share, they need to increase their spending in product commercialization by between 50 and 100 percent. They also need to be more strategic and intentional about growth.
According to Céline Bak, Partner with the Russell-Mitchell Group, the future looks promising: “There is an opportunity to stimulate the clean technology industry by aggressively implementing made-in-Canada clean technology products within government. The energy savings from these investments could reach billions of dollars creating tens of thousands of jobs. The cost savings achieved by the provincial and federal governments could be reinvested in the clean technology industry to drive global competitiveness”.
“Adoption of clean technology solutions reduces the energy needs and other costs of Canadian industry, thereby contributing to their productivity and competitiveness,” said Dr. Vicky Sharpe, President and CEO of SDTC, an arm’s-length, not-for-profit corporation created by the Government of Canada. “The best practices and opportunities outlined in this report will contribute to the future success of the cleantech industry in Ontario, as well as the rest of Canada.”
“Considerable public and private investments in science and technology development have been made in Ontario’s clean technology sector. Now is the time for industry and government to act, capitalize on this investment and accelerate growth of the sector”, said Kevin Jones, President and CEO of OCETA.
“By turning our world-class research into world-class businesses we can become a cleantech powerhouse. We’re committed to continue working with companies that want to compete globally and create good jobs for Ontario families,” said John Wilkinson, Minister of Research and Innovation.
“Encouraging the development and adoption of clean technologies right here in our own province is the right thing to do for our environment – and our economy. Soon, I will be introducing a new Green Energy Act designed to support home-grown innovation, create thousands of green sector jobs and make Ontario a world leader in renewable energy, energy efficiency and conservation,” said George Smitherman, Deputy Premier and Minister of Energy and Infrastructure.
The Report recommends key measures to enhance Ontario’s clean technology industry, including: improving commercialization capacity; creating access to more equity capital; and driving domestic demand. These measures will help make the industry more competitive, create high-paying jobs, and contribute to Ontario’s and Canada’s economic prosperity.
The 2009 OCETA SDTC Cleantech Growth & Go-to-Market Report
Other sponsors and support organizations included: Ogilvy Renault LLP, MaRS Discovery District, Blake, Cassels & Graydon LLP, Export Development Canada, RBC, Department of Foreign Affairs and International Trade, Ontario BioAuto Council, TMX Group Inc., Canada’s Venture Capital & Private Equity Association, National Angel Capital Organization, XPV Capital and Investeco Capital.