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Open for Business

U of T launches the Banting & Best Centre, one of North America’s largest entrepreneurial hubs

With seven business accelerators underway and another in the works (see more about this here), and more than 50 courses, programs, labs and clubs devoted to entrepreneurship, U of T offers a huge variety of resources for students and faculty who think they have the next big idea. Now, the university is bringing these pieces together conceptually under the Banting & Best Centre. Named for two of the men credited for discovering insulin at U of T, the centre will help members of the U of T community navigate the university’s vast entrepreneurial ecosystem. Visit entrepreneurs.utoronto.ca.

CREATIVE DESTRUCTION LAB

Rotman School of Management

creativedestructionlab.com

FOCUS: Information and communications tech

ENROLMENT: 130 applicant companies; 18 admitted; one team is cut from program every two months

Funding: Potential investment by a successful entrepreneur

Services: Mentoring with a successful entrepreneur; working with MBA students

 

THE HATCHERY

Applied Science & Engineering

hatchery.engineering.utoronto.ca

FOCUS: Engineering enrolment: 13 mostly undergrad teams admitted from 50 applicants

Funding: $5,000 summer fellowship, plus grants from a prototype fund

SERVICES: Mentorship, business support

 

THE HUB UTSC

blog.utsc.utoronto.ca/thehub

FOCUS: Information and communications tech

ENROLMENT: 26 undergrads currently enrolled; 10 projects

FUNDING: None

SERVICES: Work stations, break-out space, boardrooms, MaRS workshops, mentorship

 

I-CUBE

U of T Mississauga

utm.utoronto.ca/imi/I-CUBE

FOCUS: Open to all disciplines; undergraduate, graduate, alumni

ENROLMENT: Ramping up to 10 teams, 50 students

FUNDING: Modest stipend to be determined

SERVICES: Meeting/office space in the Institute for Management and Innovation, 3-D printer, workshops, hackathons, mentors

 

THE IMPACT CENTRE

Arts and Science

impactcentre.utoronto.ca

FOCUS: Natural sciences

ENROLMENT: 30 companies currently enrolled, mostly grad students and postdocs; 70 start-ups since 2010

FUNDING: None

SERVICES: Office/lab space, small-scale production; mentorship, networking

 

TECHNA INSTITUTE

U of T and UHN

technainstitute.com

FOCUS: Medical technology

ENROLMENT: 43 principal investigators, engineers, post-docs, medical trainees

FUNDING: Principal investigators raise own project funds from industry, grants

SERVICES: Equipment, project management, financial services, software engineering

 

UTEST

U of T and MaRS Innovation

utest.to

FOCUS Early-stage software companies

ENROLMENT: 80 to 100 applicant teams a year, five admitted

FUNDING: $30,000 per company

SERVICES: Office space, MaRS workshops, mentoring. U of T takes 2.5%; MaRS Innovation takes 2.5%, with option to invest up to $200,000 in second round of funding

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