UWaterloo’s Innovation Arena in downtown Kitchener to help hundreds of businesses grow

The Ontario government announced that it is chipping in $7.5 million toward establishing the University of Waterloo’s new Innovation Arena.

The 90,000-square-foot facility will have a focus on the life sciences sector and will also feature a health-tech incubator and a small business centre.

Ontario Premier Doug Ford was among the dozens of politicians on hand Thursday at the groundbreaking event for the new facility.

“When complete, this new space right behind me will be a hub for innovation, a place for businesses to connect with researchers and community partners,” Ford said.

“It will accelerate the development and commercialization of made-in-Ontario technologies.”

The federal government has also provided another $10 million, while further funding was provided by the City of Kitchener as well as through donations.

The incubator will be located in downtown Kitchener and will offer labs for research and development as well as shared office space.

Velocity, the University of Waterloo’s entrepreneurship program, is set to move into the building upon completion, as will the Waterloo Region Small Business Centre.

While the Innovation Arena is expected to account for 750 jobs, the university says it will also help 135 businesses while also looking to commercialize 150 new health-related products, services or processes.

Over the last 15 years, Velocity has helped more than 100 companies get established in Ontario while also creating more than 5,000 jobs.

The University of Waterloo says the total value of companies connected to Velocity is $26 billion.