Located at 440 Dufferin Street, the incubator will consist of three separate buildings. Two of which will be residential, and one that will be split between residential space and a 60,000-square-foot light-manufacturing space, within which 14,500 square feet will be used for a manufacturing incubator.
“As manufacturing startups, global talent, and venture capital flows into Toronto, we need to make sure we provide them with innovative spaces.”
“Having a manufacturing hub in Toronto is important for two reasons; leveraging product design and product development in this geography, and developing new manufacturing processes in Toronto, both will ensure global competitiveness,” said Irene Sterian, president and CEO of ReMAP. “As new entrepreneurs approach the finish line, this manufacturing incubator will provide a space where creative and talented people can do things they never could have done otherwise.”
The manufacturing incubator will act as an independent, non-profit organization with each innovation partner supporting its operations. The incubator will contribute to the growth of manufacturing ventures in Toronto and across Ontario.
“As manufacturing startups, global talent, and venture capital flows into Toronto, we need to make sure we provide them with innovative spaces,” said Yung Wu, CEO of MaRS Discovery District. “We look forward to working with our new partners to create new jobs and grow our already thriving tech ecosystem.”
In 2018, the City of Toronto released a request for proposals to find a partner and business model that could successfully run the incubator. George Brown College, MaRS and ReMAP collectively submitted the proposal that was selected following what was called a competitive review process.
“Technical innovation is a vital component of local economic development,” said Anne Sado, president of George Brown College. “As markets evolve, companies that can successfully tap into new and exciting technologies positively impact industry and communities.”
The incubator and complex are set to open in July 2020 by developer Fitzrovia.
Image courtesy MaRS Discovery District
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.