The collaboration between Johnson & Johnson Innovation incubation (Jlabs) and the University of Toronto to build biotech startups, is coming to fruition. After receiving $18.3 million out of the $19.4 million that the Ontario government agreed to invest in the project, U of T has commenced the process of fitting a floor in the MaRS west tower. Jlabs primarily focuses on supporting early-stage companies by offering resources that range from core research facilities to opportunities for venture capital funding.
“Our role is sublicensing the space to Jlabs, signing the space license agreements for each company looking for space,” said Scott Mabury, vice president, university operations at U of T.
Mabury outlined the plans for construction, stating that the university plans on using the thirteenth floor leased to them by MaRS, to construct a space for Jlabs. He also explained the conditions of the funding, mentioning that the space will consist of 40,000 square feet, to be used in creating labs, meeting rooms, offices, and other collaborative spaces. The funding will also be used for instruments and equipment.
“The agreement is for five years,” said Mabury, adding that, “after five years, there will be a peer review, like how we review divisions and departments here at U of T, led by the province that will assess the progress to date, how many companies have been created, mentored and what the potential is for the next five years.” It is Mabury’s hope that they will be able to sustain “ten years of robust activity.”
U of T students who run startups will use the space. “We currently already have nine campus-led accelerators, entities that work with students across the boards in entrepreneurships, engineering, around the creation of the companies and around mentoring and advising entrepreneurships,” Mabury said. He estimates that there are probably already around 200 companies in these accelerators, which places increased pressure on the project.
The remaining $1.1 million will support the operation of the lab. According to Mabury this money will not go to the university — instead it will go directly to MaRS innovation.
“This particular investment was made through the Strategic Partnerships Stream of the Jobs and Prosperity Fund — a stream designed to encourage open innovation technology partnerships that will allow companies, research institutions, suppliers, investors and customers to work together and establish industry-driven strategies,” said officials at the Ministry of Economic Development, Employment and Infrastructure, in an email to The Varsity.
Correction (February 8, 2016, 8:38 pm): A previous version of this article incorrectly stated that the Ontario government gave $18.3 million for the development of the MaRS west tower. The funds are in support of the JLabs incubator. The Varsity regrets the error.
