When most people think of innovation hubs they tend to think of Silicon Valley, or New York or Washington or maybe even places like London, Shanghai and Tokyo. These cities have become famous for their innovators, their technologies, their facilities and culture all contributing to their thriving innovation hubs. With our neighbours to the south and other innovation hubs around the world, it can be easy to overlook Canada as a contender for progress and innovation on the global scale. However, I’m here to tell you today that Canada is a contender with several world class innovation hubs, and today I’d like to tell you about one. MaRS Discovery District.
MaRS Discovery District is a not-for-profit corporation based in Toronto, Ontario. MaRS was founded in 2000, describing itself as “an entrepreneurial venture designed to bridge the gap between what people need and what governments can provide.”, bring together educators, researchers, social scientists, entrepreneurs and business experts all under one roof. The Toronto based hub has a extensive network of partnerships, and offering venture services, corporate innovation, funding, systems change and facilities.
MARS is home to 150 companies, approximately 6000 people that have access to a network of advisors, cutting edge research facilities,top tech talent, and early-stage capital, all housed in a 1.5 million-square-foot space. According to techvibes.com, “MaRS also houses privately backed funds and tailored startup programs, working with more than 1,000 young, high-growth companies that have collectively generated a multi-billion dollar revenue.” and is reported to be the world's largest urban innovation hub. MaRS facilities opened in 2005 with a focus on health, cleantech, fintech and work & learning, offering a combination of labs, office spaces, common rooms and collaborative areas.
Partnerships / Corporate Innovation
MaRS partners help further develop MaRS mission of driving economic and social prosperity, and come from both the private and public sectors, not only in Canada but around the world. Their are more that 500 organizations; corporate, community and governmental, comprising its extensive and diverse network of partners. MaRS describes their diverse and extensive partnership network as ranging— “from China to Chile and from the United Kingdom to the United Arab Emirates.”. Below are some examples of MaRS network of partners, by category.
Corporate Partners: American Express, CIBC, IBM, IVEY, Microsoft Ventures, P&G, PayPal, Rogers and Unilever.
Government Partners: Ontario Gov, Canadian Federal Gov, Toronto Municipality, Ontario Network of Entrepreneurs.
Community and Academic Partners: University of Toronto, York University, Ryerson University, OCADU, Humber College, George Brown College, and Centennial College.
Venture Services
“MaRS helps high-impact, growth-ready Canadian ventures succeed”
MaRS offers services to help start ups and entrepreneurs get to the next level, at no cost to the business and its owners. The organization reportedly works with over 1,000 ventures in Canada, setting it goal to establish these ventures into successful global companies. MaRS venture services section of its website goes into more detail on what specific venture services they offer, and highlight 4 main sectors that can be supported by the venture services aspect of MaRS.
Funding
MaRS offers funding to start ups and innovators, so you can grow you company and become successful in the global market. The screenshot below offers a summary of MaRS funding options.
Systems Change / Facilities
MaRS offers a variety of system change services and facilities that can be utilised by start ups and innovators, helping them get on their feet and into the market place. They offer offices and labs and open areas for meetings and events. Some of the services system changes services are listed below.
So how does MaRS foster innovation?
MaRS fosters innovation in a number of ways, which can be replicated relatively easily elsewhere by following the organizations structure and goals.
Funding: MaRS offers funding to start ups so they can innovate and compete on the global scale, as well as supplement their earning until the start-up phase of the business is done. They typically offer better terms and services than that of a bank or government funding.
Educated Workforce: (partners and employees and companies inside MaRS) MaRS has an educated workforce, partnering with Universities and Colleges in the downtown area, world class corporations and hiring skilled MaRS employees to help service the variety of needs start ups require.
Low Cost of Living: MaRS offers affordable office, lab and event space so organizations can work in a productive and supportive environment, at an affordable cost to the business. Establishing itself in the downtown core of Toronto, where rent is extraordinarily high.
Economic Health: MaRS is situated in Toronto’s core, the financial capital of Canada, making it the safest and stablest place to situated a business, especially start ups. Canada’s economic health in general is relatively safe and secure, as evident in the 2008 financial crisis, Canada was less affected when compared to our neighbours to the south and across the pond.
Low Corporate Taxes: MaRS does not necessary guarantee low corporate taxes, but helps company supplement its profits and finances through funding and venture services. However, the government of Canada and Ontario Gov help start ups and small / medium size businesses by offering lower corporate taxes when compared to those small / medium business in America.
