Today OMERS Ventures and the Ontario Centres of Excellence (OCE) launched OneEleven, Canada’s first accelerator created to address the technical needs of successful, visionary entrepreneurs who will benefit from access to the power of high performance computing.
“In OneEleven, we’re creating a community where talent and technology collide,” said Bilal Khan, Managing Director of OneEleven. “OneEleven positions Toronto as a global leader in big data by providing entrepreneurs with the resources they need to accelerate the commercialization of cutting-edge research that will enhance the economic prosperity of the region.”
Cofounded through strategic investments by OMERS Ventures and OCE, with the recent addition of Ryerson University as the founding academic partner, OneEleven is located in Toronto, close to many of the city’s tech startups. It shares an street address with Google Canada and will form the eastern anchor of a Toronto-Waterloo tech corridor.
Unlike traditional accelerators, OneEleven, through curated programming, presents an opportunity for entrepreneurs with proven track records to be part of a peer community that also includes venture capital, industry, academia and government. It will bring people together for the kind of personal interaction that can lead to spontaneous collaborative innovation, taking them out of the basement and into the boardroom. Already several promising new tech ventures have set up shop at OneEleven and more will be brought in through an intensive screening and scouting process.
“OneEleven will be a community of the most promising and sophisticated data-driven entrepreneurs and home to some of Toronto’s best technology start-ups,” said John Ruffolo, CEO of OMERS Ventures. “OneEleven will allow its member companies to create scalable entrepreneurial opportunities by solving previously unmanageable problems through the aggregated power of high performance computing.”
A key element in the realization of the vision for OneEleven is bringing in academic-based research and bridging the commercialization gap to support the development of solutions to highly complex, data and time-intensive problems. Ontario Centres of Excellence will use its expertise in the commercialization and innovation space to address this challenge.