IBM Opens Innovation Space for Entrepreneurs and Startups to Scale Up with Cloud and Cognitive Technology

Today, IBM (NYSE: IBM) in partnership with Ontario Centres of Excellence and the Government of Ontario launched the IBM Innovation Space, a new startup hub in Toronto to accelerate innovation activities and investments in Ontario by helping businesses propel into the global marketplace.

The IBM Innovation Space is the first initiative to launch under the IBM Innovation Incubator Project, a $54 million dollar initiative funded by a $24.75 million dollar contribution from IBM and $22.75 million from the Government of Ontario’s Jobs and Prosperity Fund.

The IBM Innovation Space will provide capacity, networking, infrastructure, and a multitude of new IBM cloud and cognitive business technologies to help entrepreneurs, startups, and developers incubate and innovate ideas and more rapidly move their business plans from research to commercialization.

IBM’s Innovation Space will connect to the Ontario Network of Entrepreneurs to support businesses with advanced IBMtechnologies, including a range of cloud, mobile, analytics, and social solutions. Experts from IBM and its network of collaborators will offer mentoring, support services, education, and legal counsel to assist startups in transforming some of Canada’s biggest challenges in areas such as healthcare, natural resources, and financial services.