PayPal Canada is set to relocate its Canadian headquarters to the MaRS Discovery District. Paypal Canada describes the MaRS Discovery District as “North America’s largest urban innovation hub”, and has moved there to foster deeper connections with the community.
Want to know more about the MaRS community? We’ve dug up some facts:
- When established in 2005, MaRS was an acronym for Medical and Related Sciences. Since then, MaRS’s scope has widened to social innovation, life sciences and healthcare, information technology, communications and entertatinment, physical science, engineering and cleantech.
- Based in Toronto, The MaRS community aims to give entrepreneurs a home with access to networks and capital.
- MaRS consists of a 1.5 million square foot property that spans two buildings, including laboratories, offices and conference rooms.
- The non-for profit organisation is home to 2500 people from capital, research, corporate, legal, intellectual property, media and start-up communities.
- 85 percent of MaRS-supported accelerating ventures that sought private financing in Canada last year were successful.
- Companies involved in the hub include IBM, CIBC, Manulife and Moneris.
- The CEO of MaRS is currently Ilse Treurnict. She will step down in June 2017, ending a 12-year run
- According to Treurnicht, the latest economic impact survey suggests companies associated with MaRS have raised $2.6 billion in capital over the life of its operations, and have earned $1.25-billion in revenue.
Read the September 2016 issue of Business Review USA & Canada magazine