Statement from Minister of Research, Innovation and Science on MaRS Discovery District's New CEO
Reza Moridi, Minister of Research, Innovation and Science issued the following statement about the hiring of a new CEO at the MaRS Discovery District.
"The Government of Ontario welcomes Yung Wu as the new CEO of the MaRS Discovery District. His extensive background and expertise as chairman of NFQ Ventures, an early-stage investment firm, will assist Ontario's innovators at every step, from idea through to commercialization.
I would also like to thank outgoing CEO Dr. Ilse Treurnicht for her dedicated service to MaRS and Ontario over the past 12 years. Her remarkable vision and leadership has made MaRS a world-leader in helping entrepreneurs grow innovative companies that are building Ontario's future.
MaRS plays a key role in stimulating innovation and accelerating the creation and growth of successful Canadian entrepreneurs and enterprises. Every year, over 1,000 promising entrepreneurs and venture clients receive personal, hands-on support from expert MaRS staff and seasoned volunteer advisors. MaRS is dedicated to building the next generation of healthcare, ICT and cleantech companies and accelerating these firms to the status of global market leaders.
Ontario has provided MaRS with approximately $650 million in funding since 2002 -- an investment that has paid off. From 2008 to 2016, MaRS-supported ventures have raised more than $3.5 billion in capital, and generated $1.8 billion in revenue. As of 2016, those ventures employed more than 6,000 people. MaRS continues to be an important partner in driving innovation, job creation and economic growth in our province.
MaRS is a key partner within the Ontario Network of Entrepreneurs (ONE). For example, it manages the provincial Business Acceleration Program delivered across Ontario through 18 Regional Innovation Centres and delivers the province's Scale-Up Vouchers Program. It is also home to multinational companies, such as J&J Innovation (JLabs) and Autodesk, making MaRS an international innovation hub.
The Government of Ontario is committed to ensuring that Ontario -- the economic engine of Canada -- remains on the cutting edge of research and innovation, and I know that with Yung Wu at the helm, MaRS will continue to flourish and nurture this province's best and brightest.
I congratulate Mr. Wu and look forward to seeing the continued success of this fine institution."