Mississauga's Thriving Innovation District Expands with Launch of University of Toronto's SpinUp Incubator
MISSISSAUGA, ON, June 6, 2023 /CNW/ - Today, Mayor Bonnie Crombie joined the University of Toronto Mississauga's (UTM) Vice-President and Principal, Alexandra Gillespie, at the BIO International Convention in Boston to announce the creation of SpinUp – the Greater Toronto and Hamilton Area's first venture incubator offering wet lab space.
SpinUp will provide early-stage entrepreneurs and life science companies with affordable access to wet lab space, equipment, training and programming, helping address the growing demand for wet lab incubation space that supports Mississauga's small life sciences companies looking to test and commercialize their products and innovations.
"SpinUp is a much-needed and welcomed addition to IDEA - Mississauga's Innovation District and we are thrilled that UTM's new incubation space will be opening soon," said Mayor Bonnie Crombie. "Our goal is to work with partners in the community, like UTM, to provide resources and facilities to support businesses from early stages of inception to scale-up, until they ultimately transition into their own space with a sustainable path forward. SpinUp will be a key element in this journey for smaller life sciences companies and advances our city's position as a leader in this space. The future is bright for our life sciences sector in Mississauga!"
Mississauga is Canada's second-largest life sciences sector by employment, with more than 500 businesses employing more than 26,000 people. SpinUp will support the robust life sciences community in Mississauga, leading health-promoting innovations and contributing jobs and capital to the city's thriving economy.
"The University of Toronto Mississauga drives life science innovation," says Vice-President and Principal Alexandra Gillespie. "World-class researchers, students and partners come together here to launch start-ups that promote health, prosperity and vitality in our communities and around the world."
Entrepreneurs at SpinUp will have opportunities to form research partnerships with the University of Toronto's (U of T) science community, spanning multiple disciplines.
In addition, SpinUp companies will have the chance to connect with UTM students in experiential learning, strengthening the network of talented UTM graduates in life sciences in Canada. At SpinUp, entrepreneurs will find the infrastructure and expertise to prepare their ventures for the next stage of innovation: to attract investment and expand commercially.
"We are grateful for U of T's support of the life sciences sector through their programming and for their contribution to our highly skilled and talented labour pool - a top reason that life sciences companies choose Mississauga," said Christina Kakaflikas, Director, Economic Development. "One way to help us keep our talent here is to provide the necessary facilities for our entrepreneurs to take their ideas to the next level of full commercial life. SpinUp will provide this valuable facility for life sciences in Mississauga."
UTM, a campus of Canada's top-ranked university, houses an Academy of Medicine along with the Institute for Management & Innovation (IMI), which offers professional graduate programs in biotechnology, innovation and sustainability management. U of T ranks first among public universities in North America for the employability of its graduates.
"SpinUp will invite entrepreneurs into UTM's new science building, which will open in 2023 as one of the most comprehensive and energy efficient science facilities in North America," said Professor Kent Moore, UTM's Vice-Principal, Research. "At SpinUp, entrepreneurs can use this facility for a fraction of the cost of comparable spaces, gaining time and conserving capital to build their companies even before they have to seek major private investment."
For more information about Life Sciences in Mississauga, visit thefutureisunlimited.ca
For more information about SpinUp, visit spinup.utm.utoronto.ca/
Learn more about IDEA Mississauga at ideamississauga.ca.
SOURCE City Of Mississauga
Media Contacts: City of Mississauga Media Relations, [email protected], 905-615-3200 Ext. 5232, TTY: 905-896-5151; Nicolle Wahl, Director, Marketing and Communications, University of Toronto Mississauga, 437-995-7859, [email protected]
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