Imagine working in a space specifically designed to tackle today’s most pressing health tech challenges.
That’s the promise of the Innovation Arena, a state-of-the-art facility that unites researchers, entrepreneurs and businesses to accelerate advancements in health technology.
Strategically located on the University of Waterloo’s Health Sciences Campus in downtown Kitchener, one of Waterloo Region’s three cities, the Innovation Arena also becomes the new home of Velocity, the University of Waterloo’s flagship startup incubator.
A community-driven hub for innovation
The Innovation Arena is a perfect symbol for our community’s commitment to pushing the boundaries of health innovation. It has been made possible by collaborative funding and support from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Government of Ontario, the City of Kitchener and other private funders including local entrepreneur and angel investor Mike Stork.
“Building on the momentum from Waterloo startups like Intellijoint Surgical and KA Imaging and with resources for advanced technology startups and access to partners in the healthcare sector, the facility will accelerate Southwestern Ontario’s drive to become Canada’s epicentre of health innovation and entrepreneurship,” said Vivek Goel, President and Vice-Chancellor of the University of Waterloo.
Special guests attended the Innovation Arena launch event on Friday, November 15, 2024.
Designed to support growth
Walking into the Innovation Arena, visitors encounter a mix of dedicated office spaces, co-working areas and resources tailored to help startups thrive. The second floor is where they’ll find Velocity, a space for creators and innovators who need access to:
- Specialized product development spaces
- World-class labs for testing and experimentation
- Hardware workshops equipped with 3D printers, laser cutters and assembly stations
For over 15 years, Velocity has supported more than 400 founders. In its new location, it’s even better positioned to help startups commercialize faster and grow stronger.
Building a thriving ecosystem
What makes the Innovation Arena truly special is its ecosystem approach. It’s not just a workspace – it’s a place where academia, industry and entrepreneurs come together to solve real-world challenges.
Partnerships like the CareNext Coalition, a collaboration with local hospitals and the University of Waterloo, are already driving innovation in healthcare. Additionally, the Innovation Arena is working with the Medical Innovation Xchange (MIX) to ensure startups have the mentorship, resources and network they need to succeed.
“The Innovation Arena will streamline commercialization pathways for businesses, fast-track the delivery of health technologies and drive Canada’s next wave of economic growth,” said Velocity’s Executive Director Adrien Cote.
“As the world of startups undergoes rapid transformation, the Innovation Arena is poised to create tangible social and economic opportunities. Founders are excited, University of Waterloo students and researchers are excited, and the Velocity team is excited about scaling up our support for new talent and ideas getting to market faster.”
Driving economic growth and innovation
While the Innovation Arena is designed to deliver transformative health tech breakthroughs, its economic impact is equally profound. Over the next few years, the facility is expected to:
- Create 730 new jobs
- Support 135 businesses
- Help commercialize 150 health-tech products or processes
These numbers represent just the beginning of the economic ripple effect the Arena will create across the region and beyond.
Join the movement in Waterloo
Choosing to locate your business in Waterloo means entering an ecosystem designed for innovation, collaboration and growth. See how the Innovation Arena is shaping the future of health tech and how your business can be part of this ecosystem.
Contact our team today for complimentary resources and support to expand your business in Waterloo.