June 27, 2019
On June 24, 2019, Google affiliate Sidewalk Labs released its master plan for the Quayside development in Toronto, including a proposed $20 million investment focused on supporting Toronto and Ontario-based startups. $10 million will be put towards a research institute, while the remaining $10 million will be used to create a new venture fund for local startups. The plan states that this initiative “would build on Toronto’s leadership in areas such as artificial intelligence and other technology specialties while supporting the growth, and invention, of new cutting-edge industries."
The research institute is proposed to be an independent non-profit organization, developed in cooperation with local academic institutions and stakeholders. Revenues are expected to come from new intellectual property and technology transfer innovations, with the hope that the institute will become self-sustaining over time.
The new venture fund will aim to support Toronto and Ontario-based startups focused on early-stage investment in urban innovation. Through investing in new technologies and generating more capital support in this space, Sidewalk Labs hopes to contribute to the development and growth of the urban innovation industry as a whole.
Author: Kyle Jacobson