July 22, 2021
The Royal Bank of Canada (“RBC”) recently became the anchor financial sponsor of Hub350, a technology park in Kanata, Ottawa that is being launched by the Kanata North Business Association (“KNBA”). The sponsorship aims to promote access to capital, talent, and other forms of support. Specifically, RBC’s innovation banking group, RBCx, plans to be involved in sector-specific guidance in spaces such as cleantech, life sciences, and curated events and content.
The KNBA has over 540 member companies. Part of the motivation for launching Hub350 is to connect those member companies to corporate innovation partners, academics, investors, and new Canadian talent. Incorporating a financial sponsor into Canada’s largest technology park will create a mutually beneficial relationship and help provide such connections. More generally, RBC hopes to be able to provide assistance to KNBA companies at all stages of the start up life cycle, from accessing incubator and accelerator programs to more mature financing endeavours.
Hub350 is a privately-funded project with two anchor sponsors from different sectors; Salesforce is the hub’s corporate sponsor, and Telus is its 5G sponsor. They also have three nearby universities on board as academic partners. The University of Ottawa, Carleton University, and Queen’s University are all set to play a key role in providing well-educated, Canadian talent to the KNBA companies. As their financial sponsor, RBC will also receive naming rights to Hub350’s 4,000 square foot Finance Quarter, and they will be directly involved with recruiting new companies to the area.
Author: Tommy Friedlich