Johnson & Johnson recently opened a new JLABS incubator inside Toronto's MaRS Discovery District. The new life science facility will join the company's extensive network of incubators, all of which are helping startups works on pharmaceutical, medical, consumer and digital health research.
The new JLABS incubator occupies a 40,000-square-foot space that includes a modular and scalable lab, collaborative workstations and state-of-the-art equipment. The space is designed to help startups design and develop their technology to the point that it can be brought to market. Not only does the incubator serve as a functional workspace, but companies will also have access to investors, educatoral programs and networking opportunities with industry experts. Additionally, Johnson & Johnson will not take any stake in the startups, giving the companies a chance to grow before giving away equity to new partners.
With 22 startups already on board, the accelerator demonstrates the need for designated spaces for new companies to grow and develop their ideas.