The federal government is investing $1.75 million in BioLabs University of Toronto , the city's largest shared lab incubator, to help translate life-science research into companies that stay and grow in Canada.
The funding is part of a larger investment of more than $20 million from the Federal Economic Development Agency for Southern Ontario supporting nine organizations in the Greater Toronto Area that are driving productivity, innovation and employment in the region.
Leah Cowen, U of T's vice-president, research and innovation, and strategic initiatives, said the funding will directly benefit the innovators and entrepreneurs at BioLabs who are working to bring life-science breakthroughs out of the lab and into the world.
"We're grateful for the federal government's support in ensuring the health and economic benefits of homegrown research stay with Canadians," Cowen said. "It's an investment that will pay off in new treatments, new companies and new opportunities for years to come."
Officially launched in April , BioLabs University of Toronto is the first Canadian site of BioLabs' global network of shared labs and co-working spaces.
Already home to dozens of early-stage startups, the 40,000-square-foot facility in the MaRS Discovery District gives founders access to wet-lab space, specialized equipment and an international community of investors and industry partners.
The federal funding will help the incubator update its lab equipment and cover a range of operating needs, including IT and project management.
In addition to BioLabs, FedDev Ontario is backing eight other GTA projects spanning advanced manufacturing, clean technology and women's professional sports.
"This is how we build a stronger economy and ensure Canadian companies and organizations can compete and succeed," Evan Solomon, minister of artificial intelligence and digital innovation and the minister responsible for FedDev Ontario, said in a statement.
