DMZ has been described as the “#1 university-linked start-up accelerator” in the world, focusing on the tech sector.
Now, DMZ is coming to Innisfil.
Innisfil has signed a one-year agreement with DMZ Ryerson University, to help the town attract and support tech start-ups in a new incubator space at 8000 Yonge St. in Stroud, and “capture its share of the growth” in the sector.
Toronto has become a hub of tech development and start-ups; the partnership with Ryerson will hopefully help Innisfil get a slice of the tech pie.
The town has been renovating approximately 4,000 sq. ft. of office space in the former medical offices in Stroud to serve as an accelerator hub, offering flex space for start-ups, in partnership with DMZ Ryerson.
DMZ Innisfil will offer virtual access to supports and resources initially, opening physically “as soon as it is deemed safe to do so” during the current pandemic.
Right now, plans call for the first start-up to move into the Hub in mid-August, with the remaining approved start-ups arriving in late August and September.
In addition to physical space at the Stroud Hub – shared meeting rooms and 24/7 workstations - participants in the program will also receive support from DMZ Ryerson Entrepreneurs in Residence, access to the DMZ Innisfil advisor network, staff assistance during business hours, workshops, peer-to-peer sessions and mentoring.
Participating start-ups agree to move the bulk of their business to Innisfil for two years, follow the highest code of conduct, and provide regular reports on their progress.
The program is being provided free, funded by $430,000 from the 2019 Operating Budget Surplus, $120,000 from the Economic Development 2020 budget, and possibly a Fed Dev Ontario grant.
If approved, the grant would cover approximately 50 percent of costs.
The price tag for the partnership with Ryerson is $550,000 per one-year term, with options for renewal.
DMZ Ryerson’s role will be to provide support, assess applicants, secure mentors, prepare marketing materials and strategies, provide participant support and media promotion – and, as a town staff report noted, enable “the Town of Innisfil to deliver world class tech start-up support in a small rural community.”
Since DMZ Innisfil was launched on May 26, it has already attracted 13 start-ups. The goal is to reach 25 by year-end.
Council, on Wednesday night, received the report on DMZ Innisfil and authorized the town solicitor to prepare and execute four month participant agreements with start-up companies.
“We’re so proud to partner with a world-leading tech startup accelerator like the DMZ,” said Mayor Lynn Dollin. “With 82 percent of our Innisfil residents leaving town for work every day, and over 90 percent of new jobs being created by businesses less than 5 years old, we’re really focused on creating and supporting the jobs of tomorrow right here in Innisfil.”
For more information or to apply as a startup, click here.