The Research Nova Scotia Corporation Act introduced today, March 28, will advance world-class research in universities and the Nova Scotia Community College.
The new legislation establishes Research Nova Scotia as an arms-length entity, which will include the Nova Scotia Research and Innovation Trust and the Nova Scotia Health Research Foundation.
“Research Nova Scotia will help lead this province’s research agenda, driving innovation and continuing to support the incredible work happening right here in our province,” said Labi Kousoulis, Labour and Advanced Education Minister. “Once in place, Research Nova Scotia will co-ordinate provincial research investments, attract research funds from other sources, and better support Nova Scotia researchers who are developing new technologies and solving real-world business problems.”
Research Nova Scotia will support initiatives in areas like ocean science and technology, health and wellness, information and communications technology, clean technology, life sciences, social innovation and resource sectors.
The legislation also:
— defines the organization’s objectives, duties, powers, and reporting requirements
— defines appointment rules for the board of directors
— creates the Research Opportunities Fund and prescribes how the fund will be used
— provides for regulatory oversight by governor-in-council (cabinet)
In March 2017, government created the Research Nova Scotia Trust as a first step toward the creation of Research Nova Scotia and the Research Opportunities Fund. At that time, government invested $25 million in the trust and in March 2018, followed with an additional $20 million, half of which is dedicated to health innovation and mental health research.
Any residual funds left in the trust upon its expiry on March 31, 2019 will transfer to the Research Opportunities Fund as part of Research Nova Scotia.
“Research Nova Scotia will help recruit and retain top researchers and create jobs for Nova Scotians, particularly young Nova Scotians,” said Mr. Kousoulis. “This act is a great example of how we can build a more diverse and globally competitive economy, and make our province stronger.”
It is anticipated that Research Nova Scotia and the Research Opportunities Fund will be operational by the fall.
Source: Release