WATERLOO, ONT. — The Ontario government has announced it is contributing $7.5 million to help build an Innovation Arena at the University of Waterloo.
The new $35-million facility is intended to be a hub for innovation in Ontario’s life sciences sector in Kitchener and Waterloo, supporting the development of new health technology and the commercialization of intellectual property, stated a release.
The main partners in the 90,000-square-foot project are the University of Waterloo and the City of Kitchener. The facility will include a health-tech incubator and a small business centre with a shared wet lab for local entrepreneurs and start-ups.
“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,” said Premier Doug Ford during a site visit.
Over the last two-and-a-half years, Ontario has attracted nearly $3 billion in investments by global biomanufacturers. The government has developed a life sciences strategy called Taking Life Sciences to the Next Level and introduced a $15-million Life Sciences Innovation Fund.
“The Innovation Arena will play a crucial role in expanding the impact and scope of the University of Waterloo’s flagship incubator Velocity,” said Vivek Goel, president and vice-chancellor at the University of Waterloo. “Waterloo continues to take a leading role in connecting research breakthroughs in nanotech, AI and quantum information to innovative health solutions.”
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