FedDev Ontario has announced an investment of $10 million for the development of a health technology innovation cluster in the Waterloo-London region by the University of Waterloo, in partnership with Western University, the City of Kitchener, and Medical Innovation Xchange, as well as other partners across southwestern Ontario.
The project will support 135 businesses and create 730 jobs, capitalizing on the growing pipeline of over 130 health tech companies in the Waterloo region, and others across southwestern Ontario, to connect them with services including mentorship and business advisory services, support for health tech product development, and access to specialized labs and clinical trial spaces at the University of Waterloo’s planned Innovation Arena and at Western University. It will combine the digital technology acceleration capabilities of the Waterloo Region with the research hospital-based assets of the London region to provide support to both early-stage and scaling firms.
“This support for the University of Waterloo to develop a health tech innovation cluster, centred around its planned Innovation Arena, will streamline the support available to companies aiming to grow in health tech,” Tim Louis, Member of Parliament for Kitchener–Conestoga, noted in an August 10 press release.
In addition to supporting businesses and creating jobs, FedDev Ontario says this project will aim to commercialize 150 new health-related products, services or processes, leverage $40 million in project funding, and attract over $400 million in follow-on investment in the companies supported.
“The Government of Canada’s investment into Velocity, the Innovation Arena, and this partnership will create opportunities for startups, scaling companies, researchers, and medical and technology innovators to work together across southwestern Ontario, expanding the pipeline of innovations for Canadians while driving economic growth,” said Dr. Vivek Goel, president and vice‑chancellor, University of Waterloo.