University of Calgary innovation hub receives $8.5M from city’s investment fund

The University of Calgary’s new Life Sciences Innovation Hub has received $8.5 million from the City of Calgary’s Opportunity Calgary Investment Fund (OCIF). The funding will support specialized programming for entrepreneurs and companies at the innovation hub, which is being converted from the former Shell Technology Centre Calgary, purchased by the university. Scheduled to open in July, the hub is forecast to incubate 20 to 40 life sciences companies per year. A key element is supporting research with a commercialization focus for both early-stage incubator companies as well as growing and developing companies that will occupy their own space in the building. The $100-million OCIF fund was launched by the City of Calgary in April 2018 to support investments within the city that spur growth and create jobs in strategic sectors. Life sciences is one of the sectors identified for growth in the city’s economic strategy, Calgary in the New Economy.