Toronto MaRS statement by BOD(marsdd.com)
marsdd.com
Toronto MaRS statement by BOD
http://www.marsdd.com/media-centre/statement-mars-board-directors/
8 comments
This statement is a response to articles like this [1] that have been floating around lately.
[1] - http://www.thestar.com/news/queenspark/2014/05/31/mars_build...
[1] - http://www.thestar.com/news/queenspark/2014/05/31/mars_build...
This is what is so frustrating about Canada... In this case, the government gets involved [1] in investing in early-stage companies, a ton of money goes instead to building a shiny building in a hyper-expensive real-estate market, and the government steps in with taxpayer money to bail itself out when things don't go well.
[1] Partners in MaRS include the Province of Ontario, the Government of Canada and the City of Toronto: http://www.marsdd.com/about/our-partners/
[1] Partners in MaRS include the Province of Ontario, the Government of Canada and the City of Toronto: http://www.marsdd.com/about/our-partners/
Because what early-stage startups desperately need is luxury office space available for lease terms of _only_ 4 years.
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Have never heard of any Canadian startups raising $1 billion through the MaRS Discovery District. I'm sure that value is an amalgamation of a few startups, nevertheless I'm interested in learning more about this.
They do pretty traditional gov-funded stimulation of science/tech industry. I heard on the grapevine most of the money goes to high-paid former-industry executives who are consulting to help accelerate existing companies. That plus support mostly patent-based research.
I've been there a bunch of times and it definitely doesn't have the culture of small nimble SF-style tech startups you'd expect. Feels much more corporate. Mostly a place where suits get to talk excitedly about 'innovation' and 'entrepreneurship', with nary an entrepreneur around.
I've been there a bunch of times and it definitely doesn't have the culture of small nimble SF-style tech startups you'd expect. Feels much more corporate. Mostly a place where suits get to talk excitedly about 'innovation' and 'entrepreneurship', with nary an entrepreneur around.
Agreed, MaRS definitely doesn't have a small SF feel of tech startups at all. Waterloo is where it's at really if you're looking for a place that supports really early stage stuff.
Are you plugged into the W'loo community? Any intros or tips on how to get started? Sadly, I'm a UofT alum - when I looked at the programs at Waterloo, they seemed focused on their students.
I'm not plugged into the startup community in Waterloo, but Communitech seems to make the most noise: http://www.communitech.ca/
I'm working with a startup that regularly meets at MaRS. We're in the cafeteria; office space is a little too expensive to be realistic at this point.
For me, the "buzz" is a big part of it. The fact that investors just happen to be in the neighbourhood. The fact that it's a good, central location right on the subway. There is a lot happening, including events that bring other entrepreneurs and investors to the same building.
I'm not aware of having raised any money through MaRS, but I know MaRS nevertheless plays a big role in the startup scene in Toronto, and it's been a big part of my personal experience. This is a great investment for Canada, and it would be depressingly foolish to interfere with the good thing they have going.
For me, the "buzz" is a big part of it. The fact that investors just happen to be in the neighbourhood. The fact that it's a good, central location right on the subway. There is a lot happening, including events that bring other entrepreneurs and investors to the same building.
I'm not aware of having raised any money through MaRS, but I know MaRS nevertheless plays a big role in the startup scene in Toronto, and it's been a big part of my personal experience. This is a great investment for Canada, and it would be depressingly foolish to interfere with the good thing they have going.
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"Young companies receiving advice and support from MaRS raised more than $1 billion in financing in the last 3 years, and generated more than $500 million in revenue."
Can someone help me understand this properly? Because from my perspective right now, this isn't bragging material. Turning 1B$ in 500M$ revenue, not even profits ... seems like poor investment returns.
Can someone help me understand this properly? Because from my perspective right now, this isn't bragging material. Turning 1B$ in 500M$ revenue, not even profits ... seems like poor investment returns.
Perhaps their companies aren't going to IPO, they are getting acquired instead. I think HOVR.IT was bought by Slyce last year. Intel bought a MaRS company 4 years ago as well.
Are you talking about Intel's purchase of RapidMind?
RapidMind was in Waterloo, not Toronto, and purchased several years ago now. aperco perhaps is referring to this one http://www.newswire.ca/en/story/722543/intel-corporation-acq...
The Ontario government should be informed that the big, expensive skyscrapers come after the innovation, not before.
https://www.facebook.com/groups/startupnorth/permalink/10152...
It doesn't help that $1b has been poured in. It's too monstrous imo. The opposite of lean. It doesn't help things that their science building project failed/is failing and backed by tax payer $$.
http://www.thestar.com/business/real_estate/2014/05/30/secon...