1. What is the Innovation Arena?
The Innovation Arena is a collaborative space for new and growing ventures, a catalyst for deploying advancements in health technology and a community for emerging talent, researchers and experts.
2. What is the vision of the Innovation Arena?
A space where businesses, founders, and community partners come together with researchers and emerging talent from the University of Waterloo to solve local and global health challenges, advance innovation and technology solutions, and support Canada's social and economic prosperity.
3. What is the mission of the Innovation Arena?
- To foster impactful exchanges between businesses, founders, researchers, and University of Waterloo talent with health tech community partners and global supporters,
- To enable members in residence and partners to seamlessly transform learnings and research into health technology and innovations,
- To launch ambitious new enterprises that will create highly skilled jobs and improve the health and prosperity of our community and its citizens,
- To provide access to labs, instrumentation, and critical research infrastructures in support of health innovation and commercialization, and to improve the delivery of care.
4. Is the Innovation Arena a new incubator or accelerator?
No. The Innovation Arena is a collaboration space for a community of innovators to tackle healthcare challenges and support Canada’s economic growth. We are looking for researchers ready to commercialize, companies seeking to collaborate to advance technologies or launch a product or service, or healthcare practitioners looking to innovate traditional healthcare practices. If you are seeking business incubation support, we encourage you to apply to Velocity.
5. Who owns the Innovation Arena?
The Innovation Arena project was launched in 2020 through a partnership between the University of Waterloo and the City of Kitchener, and announced as the new home of Velocity. In 2021, FedDev funded Velocity to accelerate health technology business in partnership with the Medical Innovation Exchange and Western University. In April 2023, the Province of Ontario announced their financial support of Velocity and the Innovations Arena.
6. How do you define a member in residence?
A member in residence at the Innovation Arena is defined as long-term participant in the facility. Members in residence could include dedicated cross-functional teams, individual contributors/entrepreneurs, members of new or established ventures, corporate and non-profit partners, and health care practitioners.
7. What facilities are in the Innovation Arena?
Early plans for the first floor include dedicated working space for members in residence of the Innovation Arena. Access to product development labs is available through a working partnership with Velocity, located on the second floor of the Innovation Arena. Learn more about Velocity’s physical resources in the Innovation Arena.
8. What else is located in the Innovation Arena?
Velocity will be located on the second floor of the Innovation Arena. Its current residents are split between software and deep tech, which includes hardware, biotech, health tech, robotics, agtech, and cleantech – just to name a few – and have demonstrated progress in building early-stage, scalable technology companies.
9. What is Velocity?
Founded by the University of Waterloo, Velocity equips and guides founders to build companies that scale at the earliest stages of business building. Their mission is to create the conditions for founders to maximize their growth, with close to 15 years of successes to lean on.
10. When is the Innovation Arena opening?
Velocity will operate on the second floor of the new Innovation Arena in late 2023/early 2024. The remaining first-floor collaboration space is expected to become available to Innovation Arena members in residence later in 2024.
11. How do I apply to be a member in residence at the Innovation Arena?
Step 1: Submit an expression of interest outlining your proposed activity or venture and how it supports the mission and vision of the Innovation Arena. Deadline is June 30, 2023.
Step 2: If selected to continue, you’ll be invited to submit a detailed proposal. You’ll have the opportunity to submit questions or request clarification before submitting a final proposal. The University of Waterloo reserves the right to invite prospects to submit proposals during any stage of the application process or to amend the deadline.
12. Do I have to be a Canadian resident to apply to the Innovation Arena?
No, all innovators are welcome to express their interest in residency. However, ventures created by Innovation Arena members in residence should have a plan to create economic and social impact in Canada.
13. Do Innovation Arena members in residence pay to rent their space?
No, rent will not be charged. However, Innovation Arena members in residence will be required to contribute to facility operating costs (i.e., utilities, custodial, day-to-day maintenance) as well as fit-out costs for the space they use.
14. Will Innovation Arena members in residence have access to Velocity?
Prospective members in residence should clearly outline opportunities to create strategic connections to Velocity in their expression of interest submission. If the proposed venture or activity aligns with Velocity priorities, and/or requires product development resources, access to Velocity labs and resources may be granted.
15. Will Innovation Arena members in residence have access to funding opportunities?
Following your expression of interest, if you are invited to submit a detailed proposal, you’ll be asked to outline your financial/funding model. If you are seeking funding opportunities, please indicate this in your submission. Early-stage companies seeking funding can also apply to Velocity.
16. What is the duration of an Innovation Arena residency?
This will be determined on a case-by-case basis. We appreciate that establishing partnerships and developing new products and services doesn’t happen overnight. We are looking to admit members in residence with a vision and a plan to create long-term social and economic impact.
17. What if I applied but didn’t get in?
If you applied but didn’t get in, we encourage you to apply again for subsequent cohorts. We recognize that ideas and projects can develop substantially over time.