Province invests $7.5M in 'state-of-the-art' Innovation Arena for University of Waterloo

The province is investing $7.5 million in a new "state-of-the-art" Innovation Arena forthe University of Waterloo, which aims to support start-ups that developlife sciences technology.

The new 8,360-square-metrebuildingwill be built in an empty warehouse at Charles St. W. and Victoria St. S. andcost a total of $35 million. The City of Kitchener will be funding $8.5 million withthe 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 Thursday morning.

The facility will hold a health-tech incubator, a business centre and awet labshared by entrepreneurs and start-ups in the local area who need tohandledifferent chemicals and hazards.

"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," said Vic Fedeli, Ontario's minister ofEconomic Development, Job Creation and Trade.

The funding is part of a "life sciences strategy" in Ontario, which is the first of its kind in a decade. Called "Taking Life Sciences to the Next Level" the initiative will "help companies advance made-in-Ontario solutions like vaccines and medical treatments," according to a news release sent out on Thursday.

Will create 730 jobs

Adrien Ct, executive director of UW's technology incubator Velocity, said the Innovation Arena is expected to create135 high-growth start-ups, 730 jobs and 150 new commercialized technologies in the next several years. The space will also be Velocity's new home.

"Now ... we see an under-utilized warehouse transformed not only to house Velocity but also members of our broader community [will]convene to innovate together,"Ctsaid at Thursday's announcement.

Ctsaid the work coming out of the arena would "boost our healthcare system with adoptable technologies to improve care [and]reduce costs and burn out."