Ont. announces a $7.5M investment in biomanufacturing through new Innovation Arena
by CM Staff
The new $35 million facility will try and support the development of new health technology and the commercialization of intellectual property and encouraging investment and job creation.
KITCHENER — The Ontario government is investing $7.5 million to help build a new Innovation Arena at the University of Waterloo. The new $35 million facility will 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 and encouraging investment and job creation.
“It’s great to see the Team Ontario spirit in action with the University of Waterloo, the private sector and all levels of government coming together to build this world class facility,” said Premier Doug Ford. “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.”
The University of Waterloo and the City of Kitchener are partnering to build the new 90,000 square-foot Innovation Arena. The facility 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.
Over the last two-and-a-half years, Ontario says they have attracted nearly $3 billion in investments by global biomanufacturers.
“Ontario has a world-class postsecondary education system and is home to innovative start-ups and scale-up firms,” said Jill Dunlop, Minister of Colleges and Universities. “By fostering collaboration among businesses, researchers, and community partners, the University of Waterloo’s Innovation Arena will help fast-track the discovery, development, and commercialization of made-in-Ontario research, bringing ideas from the lab to market sooner – a key part of our government’s plan to maximize the value of Ontario-grown innovation.”
