Council approves funding to relocate research centre to Brampton's Innovation District
The City of Brampton recently reached an exciting milestone by announcing updates for the city’s Innovation District, including an agreement with Ryerson University to establish the Ryerson Innovation Zone in the city's downtown core.
On February 5, 2020, Brampton Council approved funding for the relocation of the Research Innovation Commercialization (RIC) Centre to Brampton's Innovation District and entered a grant agreement with the RIC Centre of up to $100,000 per year for three years to support its relocation to the city’s downtown core.
This is one of the steps that the City of Brampton is taking in order to support an Innovation District with resources that will be available to help entrepreneurs at all stages of their journeys.
The Innovation District will include a Rogers Cybersecure Catalyst, a Brampton Entrepreneur Centre, a Ryerson-Brampton Innovation Zone, a Centre for Innovation and a RIC Centre.
The RIC Centre is a technology incubator focused on Cleantech, Advanced Manufacturing, hardware and software startups.
It will provide business startup services and access to incubator space for entrepreneurs, startups and mature tech companies looking to kick-start their growth and market their business faster.
Brampton's Economic Development team has worked closely with the RIC Centre for years and has collaborated on initiatives that support innovation and entrepreneurial networks in the city.
Over the last four years, the RIC Centre has helped over 600 active clients raise $110M in funding, generate $97M in revenue and create 1,642 jobs.
The addition of the RIC Centre to Brampton's Innovation District comes after the announcement of Ryerson's Innovation Zone and Canada's first Cybersecurity Accelerator located in downtown Brampton's Innovation District.
The Ryerson-led Brampton Innovation Zone is connected to and modelled after Ryerson University’s world-recognized Zone network, which are spaces designed to bring people together, enable brainstorming, kickstart projects and help take startups in early stages to established businesses.
The Innovation Zone will provide thought leadership and access to national and international markets, extend business infrastructure, support the Brampton 2040 Vision through building a City of Opportunities, develop, attract and retain local talent and create and nurture a network of influencers from all sectors in business, academia and government.
It will also focus on the development of scalable businesses in the city of Brampton as well as building and supporting high potential entrepreneurial teams.
"The City has worked extensively with the RIC Centre in the past and have a long-standing positive relationship with them. We are thrilled to partner with them as we evolve our innovation ecosystem,” said Mayor Patrick Brown.
“Together with them and our other partners, we are building a robust Innovation District, which will allow us to support our entrepreneurs and businesses in every stage of their journey. This partnership is a win-win for all involved - especially our entrepreneurs and business owners. Welcome RIC Centre!”
The RIC Centre will open in April 2020 at its new downtown location of 6 George St. in Brampton.
Photo courtesy of the City of Brampton
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