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MaRS, a non-profit, collaborative entity of the university, provincial and federal governments and industry, which aims to turn these discoveries into commercial projects.

MaRS, a non-profit, collaborative entity of the university, provincial and federal governments and industry, which aims to turn these discoveries into commercial projects.

MaRS, a non-profit, collaborative entity of the university, provincial and federal governments and industry, which aims to turn these discoveries into commercial projects.

• Best Practices in Venture Creation (Room 1)Veronika Litinski, Practice Lead, Healthcare and Life Sciences, MaRSAn overview of what makes your business valuable to investors and how to develop a viable business strategy.

Closer to home, Toronto recognized a few years ago that it was losing ground in the sciences, so it deleted two-square kilometers of its downtown and replaced it with the Mars Discovery District, a vast collection of intertwined university research facilities, commercial research space, and the best biotech incubator space I’ve ever seen—and I’m an incubator guy.

This is Toronto's research district, a maze of concrete and glass where the finest minds collaborate, turning the city into a global centre of biomedical discovery.

Nine research institutes employing 5,000 university faculty members, 2,000 graduate students and 1,100 postdoctoral and clinical fellows lie within a 20-minute walk of each other. This biomedical cluster at the heart of Toronto is one of the largest on the continent, and is one of the 10 largest in the world.

Tom Hudson from Montreal; cell biologist Ben Neel from Boston; and stem-cell biologist Gordon Keller, who came to Toronto in 2006, just months after New York magazine named him one of the scientists that city could not afford to lose. Toronto is also home to Tak Mak, who discovered the "key to the immune system" T-cell receptor, and John Dick, who discovered the first cancer stem cell in 1994 and last year grew a human cancer in a lab mouse for the first time.

Canada has always had to fight hard to attract talent and investment

MaRS Vital to Toronto's life sciences vision is MaRS (derived from Medical and Related Sciences) a non-profit organisation and business centre located in the heart of the city. Its core function is as a biotech incubator and business park, known as MaRS Discovery District. The venture was first established in 2000 to help foster and accelerate the growth of successful Canadian businesses and, after some uncertain times, it is now gathering momentum. A separate technology transfer office, MaRS Innovation, has also been established that, it is hoped, can be a world beater in its own right (see Turning good ideas into world beaters below). The location of the MaRS building in central Toronto is important, as it is just a stone's throw away from an existing cluster of universities and academic hospitals. MaRS has many links with other research-based organisations, including collaborations with three local universities, 10 academic teaching hospitals and the Ontario Institute for Cancer Research. MaRS occupies the Old Toronto general hospital, where insulin was first discovered by Best and Banting in 1921 and then developed for use in human trials. The 21st Century organisation can build on this heritage in patient-focused discovery and development. Formerly the head of venture capital firm Primaxis, Ilse Treurnicht is chief executive of MaRS Discovery District. She acknowledges the crisis in venture capital funding, and says Canada's sector has always had less access funds through this route than other countries. This is one of the drivers behind the search for a new approach. Treurnicht says the old models of building biotech and life sciences businesses have to be discarded, as they have failed to build companies with critical mass. She says MaRS' new 'Convergence Innovation' strategy of bringing science, capital and business together will pay off.

"We call our strategy 'Convergence Innovation' and what we are trying to do is move away from the old linear model of academics struggling in their spare time to build companies or entrepreneurs doing this in a very incremental way."It takes time and it has many risk points along the way. So using this Convergence centre model to create a much more dynamic organisation which can help accelerate good ideas towards the commercialisation." But she says Canada's geography and demographics are always going to be a challenge. "This is a very large country with a small population. If you think in terms of clusters and hub regions, Canada's business hubs are separated geographically, and there is not much in between in terms of people."That means we can't try to be a little United States, because we just won't show up on the radar. We have to take a different approach. We have to think about collaboration as our potential competitive advantage - that means using networks and associations to solve problems and build businesses."So as new opportunities emerge, we can take them to market faster and hopefully with a higher success rate." The centre currently accommodates numerous start up companies, as well as those providing legal and financial services to them. AstraZeneca and GlaxoSmithKline also have offices on site. In all, MaRS provides mentoring for over 200 different companies across Ontario, and runs courses on entrepreneurship and preparing products for market.