IBM launches Toronto based innovation hub for start-ups
It is the first initiative under the IBM Innovation Incubator Project. The $54 million initiative was funded with a $24.75-million-dollar contribution from IBM and $22.75 million from the Government of Ontario’s Jobs and Prosperity Fund.
The other partners in the funding include SOSCIP Research Consortium and members of the Ontario Network of Entrepreneurs (ONE).
The IBM Innovation Space will help entrepreneurs with resources such as IBM cloud and cognitive business technologies, along with networking opportunities, to help them incubate ideas and amp up their businesses from the research phase to commercialization.
Dino Trevisani, president of IBM Canada, says, “Access to the latest technology, including cognitive and cloud, as well as these kinds of resources and support are so often out of the reach of start-ups. That’s why we created this space.”
Some businesses in Ontario have already begun using the IBM Innovation Space to fast-track their businesses. While Toronto-based Big Terminal is using the space and its technologies to develop a search engine that can gather and analyze financial data in one location.
Orenda, on the other hand is using it to create a software solution powered by IBM’s technologies to gather online data that helps businesses interpret what consumers are saying about their brands. Other companies using the space include LifeLearn, IAmI, 4D Virtual Space, and Sofie.
The launch of IBM’s Innovation Space comes at a time when the number of startups in Canada is growing and a series of new innovation hubs are being launched across the country. Recently Innovation Minister of Canada, Navdeep Bains, also declared that he country would be investing a lot on the start-ups to feature themselves in the global market.
Earlier, IBM launched the Toronto Bluemix Garage at Ryerson University’s DMZ, while Cisco opened the Toronto Innovation Center at the start of this year, to connect new start-ups with resources and opportunities from bigger organizations to help them grow.
“Today’s announcement reinforces our commitment to fuel home-grown innovation and leverage our world-class talents to create jobs and economic prosperity,” said Brad Duigid, the Minister of Economic Development and Growth. “The IBM Innovation Space demonstrates our commitment to increase innovation in Ontario by working collaboratively with the public and private sectors.”
(Reporting by Debarati Mukherjee)
Image courtesy: IBM Canada
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