Ontario government invests $7.5 million in Innovation Arena

Premier Doug Ford, Adrien Côté, Velocity Executive Director, and other officials at the Innovation Arena groundbreaking event.

Naomi Grosman

Community

April 13, 2023

Velocity moves into the 90,000 square foot Innovation Arena later this

Premier Doug Ford announced today that the Ontario government is investing $7.5 million in the Innovation Arena — Velocity’s new home on the University of Waterloo’s Health Sciences campus — at a groundbreaking event this morning.

Adrien Cote, Velocity’s Executive Director, said within several years it is expected that Velocity’s new home in the 90,000-square-foot facility, located in Downtown Kitchener’s Innovation District, is expected to launch 135 high-growth startups, create at least 730 jobs, and commercialize 150 technologies.

"Every year Velocity works with thousands of Waterloo students and receives over 400 applications from startups...(from) individuals activated to create change and want to put their shoulders to the wheel into capturing business opportunities while solving big challenges,” he said. “The Innovation Arena in downtown Kitchener will be their place — starting locally and growing globally. Velocity will continue to be a leader in the innovation community, and we are committed to continue transforming visions, aspirations, and ambitions into companies.”

Velocity founders speak to receptive audience in business setting — Velocity founders (left) speak to government officials.

Velocity thanks the Government of Canada's support through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Ontario's provincial government, the City of Kitchener and community leader Mike Stork for their support of the Innovation Arena, and ultimately for supporting the many entrepreneurs in our ecosystem.