Toronto, Ontario, April 3, 2012—The success of ZBx Corporation and the government's plan for innovation in Economic Action Plan 2012 were highlighted today by the Honourable Gary Goodyear, Minister of State for Science and Technology, while delivering remarks at the Economic Club of Canada and touring the facilities of ZBx Corporation.
"The Government of Canada is committed to taking innovative ideas into the marketplace where they can generate jobs, growth and prosperity," said Minister Goodyear. "That's why we have made new investments to support leading-edge research and international collaboration."
Increasing business investment in research and development is crucial to Canada's long-term competitiveness, and programs such as National Research Council Canada's Industrial Research Assistance Program (NRC–IRAP) are helping businesses innovate.
An NRC-IRAP funding recipient, ZBx Corporation, founded in 2002, is an established leader in rapid medical diagnostics. ZBx Corporation develops rapid diagnostic platforms using its small-sample, whole-blood testing technology marketed under the trade name ZAP™. ZAP™ rapid tests operate on a simple platform technology requiring a single drop of whole blood from a finger prick with results in 10 to 15 minutes. ZBx Corporation provides its products to the medical, agricultural and veterinary sectors via partnerships around the world. When it began, ZBx Corporation had 2 employees; today, it employs 11 people in Toronto.
Support for science and technology (S&T) has been a government priority since 2006, as exemplified by the introduction of the S&T Strategy in 2007 and the series of initiatives to build an innovative economy that followed. Federal S&T expenditures reached nearly $11.9 billion in 2010–11.
In Economic Action Plan 2012, our government announced that $1.1 billion over five years will go to supporting business innovation and $500 million for venture capital. These investments and actions keep our economy strong, create high-quality jobs and ensure that Canada is a premier destination for the world's brightest minds.
To learn more about Economic Action Plan 2012, please visit www.budget.gc.ca.
To learn more about the Government of Canada's S&T initiatives, visit the Science and Technology for Canadians website.
For more information, contact:
Michèle-Jamali Paquette
Director of Communications
Office of the Honourable Gary Goodyear
Minister of State (Science and Technology)
613-947-2956
Media Relations
Industry Canada
613-943-2502
