MaRS Innovation Receives $15 million to Commercialize Canadian Innovation
The Networks of Centres of Excellence has awarded MaRS Innovation just under $15 million in funding through the Centres of Excellence for Commercialization and Research program.
MaRS Innovation, created in 2008, bridges the chasm between early-stage technologies and successful startup companies and licensable technologies. It’s how ideas emerging from Toronto’s academic research community get a chance to succeed, the organization explains.
MaRS’ efforts have earned it the support of the Honourable Gary Goodyear, Minister of State for Science and Technology. “MaRS has a strong record of generating results for small and medium-sized companies by helping them realize the commercial potential of innovative Canadian ideas,” Goodyear stated.
“MaRS Innovation’s application was a team effort in the truest sense, involving our staff, our Board of Directors and our colleagues within the members’ technology transfer offices,” said Dr. Raphael Hofstein, CEO. “Our team presented a rigorous strategic business plan and case for financial sustainability, based on detailed analysis and forecasts of our portfolio assets. We are confident that we will achieve that sustainability in three years.”
In addition to MaRS, the Centre for Drug Research and Development received $8 million; the Centre for Probe Development and Commercialization received $13.8 million; and the Prostate Centre’s Translational Research Initiative for Accelerated Discovery and Development received $11.33 million.
To date, CECRs have helped launch 94 companies and leverage $270 million in partner contributions, or $1.85 for every dollar of CECR funding spent by the centres. MaRS has raised $65 million to commercialize their technologies.
