The University of Waterloo has been named the most innovative Canadian University for 2022 by Maclean’s.
UW had previously held this title for more than 25 years until it was awarded to the University of Toronto last year. However, thanks to the countless incubators and entrepreneurial programs such as Velocity, Concept and St. Paul’s GreenHouse, Waterloo has once again earned its number one place.
Velocity is UW’s forefront innovation incubator and among the most successful Canadian pre-seed and seed incubators. In 2021, Velocity reported raising more than $2.4 billion USD, a drastic 40 per cent increase from 2020. Velocity has supported numerous successful tech companies including Faire, Kik, Embark and OpenPhone by assisting in product development and support to achieve business and technical milestones faster.
In 2023, UW is set for a new facility named the ‘Innovation Arena’ in the center of the Kitchener-Waterloo Innovation District. This facility aims to expand the Waterloo region’s health tech sector and produce new innovative health technologies as well as assist in commercialization pathways for businesses. With the $10 million dollar investment from FedDev Ontario in August, the university is continuing its push for health innovation in southwestern Ontario as well as helping fund the Innovation Arena. With UW’s Velocity being at the center of this facility they hope to continue their success being the most productive incubator in Canada.
Maclean’s rankings are based on university faculty, senior administrators and business people’s opinions and views from across Canada, with the hope of giving students the best information to make an informed choice on their education.
Some other awards UW earned include: third place in the Leaders of Tomorrow category, fourth in the Highest Quality category and third best overall university.
In an article by Waterloo News, UW president and vice-chancellor Vivek Goel said, “The University of Waterloo continues [to] exemplify its leadership in the areas of innovation, experiential education and developing talent for a complex future…It is because of our exceptional community of students, researchers, faculty members, staff and university partners that we continue to achieve such prestigious rankings in Canada.”