The province is contributing $7.5 million to build a new Innovation Arena for the University of Waterloo, which aims to support start-ups that develop life sciences technology.
The 8,360-square-metre building will be built in an empty warehouse at Charles St. W. and Victoria St. S. and cost a total of $35 million. The City of Kitchener will be funding $8.5 million with the University of Waterloo footing the rest of the cost.
“As we continue to grow our province’s life sciences sector, the new Innovation Arena will accelerate the development and commercialization of made in Ontario innovations, create new jobs and help to attract investments to Kitchener and Waterloo,” Premier Doug Ford said at a news conference in Kitchener on Apr. 13.
The University of Waterloo and the City of Kitchener are partnering to build the arena that will include a health-tech incubator and a small business centre with a shared wet lab for local entrepreneurs and start-ups. The Innovation Arena will be become a focal point in Southwestern Ontario for innovation partnerships, collaboration among businesses, industry and researchers.
“Ontario has a long history of innovation in the life sciences sector, and the Innovation Arena will help many more Ontario start-ups, entrepreneurs and innovations bring their ideas to life and to market,” said Vic Fedeli, minister of economic development. “With this investment, we’re ensuring that Ontario remains a global leader in innovation and the life sciences sector now and for generations to come.”
Taking Life Sciences to the Next Level is the province’s first life sciences strategy in a decade. As part of this strategy, Ontario launched a $15 million life sciences innovation fund to help entrepreneurs. This early-stage fund, managed through the Ontario Centre of Innovation, will help companies advance made-in-Ontario solutions like vaccines and medical treatments.