New health tech innovation center to create over 700 jobs in Waterloo-London area

FedDev Ontario has announced a $10 million investment by the University of Waterloo in partnership with Western University, City of Kitchener and Medical Innovation Exchange for the development of a health technology innovation cluster in the Waterloo-London region. Partners in Southwestern Ontario.

The project will support 135 businesses and create 730 jobs, fueling a growing pipeline of more than 130 health tech companies in the Waterloo region and others in southwestern Ontario, including consulting and vocational advisory services, in the field of health tech product services. Support is included. Planned innovation area of the University of Waterloo and development at Western University, and access to specialized laboratories and clinical trial locations. It will combine the Waterloo area's digital technology acceleration capabilities with London Area Research Hospital-based assets to provide support to both early stage and scaling firms.

Tim Lewis, Member of Parliament for Kitchener-Conestoga, said: "This support for the University of Waterloo to develop a health tech innovation cluster is centered around its planned Innovation Arena, available to companies aiming to grow in health tech. support." In an August 10 press release.

In addition to supporting businesses and creating jobs, FedDev Ontario says the project aims to commercialize 150 new health-related products, services or processes, leverage $40 million in project funding, and follow-up companies. is to support. To attract investment of over $400 million. .

“The Government of Canada’s investment in Velocity, Innovation Arena, and this partnership will create opportunities for startups, scaling companies, researchers, and medical and technology innovators to work together in southwestern Ontario, driving economic growth for Canadians Will expand the pipeline of innovations for the University of Waterloo President and Vice-Chancellor Vivek Goel, said.