Could Waterloo Region’s tech startups get on their feet while also revitalizing some of Kitchener’s derelict downtown buildings?
That’s the thinking behind a new idea being considered by city officials as they contemplate a grant program that would kill both those birds with the same stone.
If the program gets the go-ahead, it would see grants given to local startups in exchange for them agreeing to renovate and move into unused office space in the downtown core.
“What we don’t want to see is that we lose them to cities like Toronto or New York or San Francisco because they have the right kind of space at the right price for them,” says Cory Bluhm, Kitchener’s manager of downtown development.
“We want to find the right balance that gives us the most projects with the least amount of taxpayer dollars put into it.”
The proposal hasn’t been finalized, but the grants would likely only cover about half of the renovation costs, with the businesses on the hook for the rest.
Moving from startup incubators like the University of Waterloo’s Velocity program to new digs in downtown Kitchener is nothing new for many companies.
“Vidyard, BufferBox and Dominic Labs all came out of the Velocity garage and into downtown Kitchener,” says Velocity director Mike Kirkup.
According to Communitech, more than 860 startups were launched in Waterloo Region between 2010 and 2012.
Funding for the grant program has not been approved.
Kitchener city councillors are expected to make a decision on the matter by December, which would allow the first batch of startups to receive funding early in 2014.
