The MaRS Discovery District, the Government of Ontario and the University of Toronto are partnering with American medical multi-national Johnson & Johnson to launch the first JLABS incubator outside of the United States.
Announced last week and set to open sometime in the spring of 2016, the 40,000 square foot space will host startups dedicated to developing pharmaceuticals, as well as medical devices and consumer and digital health technologies.
Compared to more traditional startup accelerators which invest in early stage companies in return for equity, JLABS offers funding as well as mentoring services without asking for a stake in companies.
“The arrival of JLABS will significantly expand the resources and networks available to the health and life sciences community at MaRS and in the region,” said Dr. Ilse Treurnicht, CEO of MaRS Discovery District. “The timing is perfect. Our research pipeline is strong and we now have a critical mass of high calibre young companies that are ready to take their transformative technologies and health solutions to global markets. They need access to talent, partners, customers and capital. Toronto’s time is now.”
Several local medical institutions, including the Centre for Addiction and Mental Health (CAMH), the Hospital for Sick Children and Mount Sinai will also be joining the space.