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Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

Sure, some of the world's best biomedical minds work in Toronto's MaRS Centre and hospitals.

The closest thing to a would-be Waterloo in Toronto is the medical "discovery district" around College Street and University Avenue, near the University of Toronto and several teaching hospitals. In the midst of it is

the country's most significant collection of scientific and medical researchers.

This week, a program called MaRS Innovation announced the appointment of its first full-time president, Raphael (Rafi) Hofstein, a Harvard-trained, Israeli biomedical wizard who wants to bring together companies, scientists and funding under one roof to create a special alchemy of science and shekels.

Since its inception, MaRS has focused on turning big ideas into commercial projects. The difference between the two entities is that pretty much anyone with an idea or discovery could come to MaRS for support, regardless of whether they had their “eureka” moment in a state-of-the-art research lab or in their garage. MaRS Innovation, a separate endeavour with its own board of directors, only works with researchers from its 14 partner institutions, which include some of the most prestigious universities and hospitals in Canada. The goal of that project is to do the kind of work those institutions would normally try to do in-house, but on a bigger scale and, the project's backers hope, with better results.

MaRS Innovation is very much in its infancy. Officially launched last June, the project is barely a year old, and the board of directors was only announced this February. It has secured about $25-million in funding over five years to be used for commercialization of projects.

Dr. Hofstein is giving himself two to three years to roll out a success story – be it the creation of a new small company founded on the back of a researcher's drug discovery and funded by a big pharmaceutical firm, or a new discovery that, packaged properly, attracts serious venture-capital money.

The federal government has also taken notice, naming MaRS Innovation as one of 11 new “Centres of Excellence for Commercialization and Research,” a designation that came with almost $15-million in funding.

California Governor Arnold Schwarzenegger speaks at MaRs with Premier Dalton McGuinty after a tour of the building in 2007.

Indeed, the MaRS Innovation model of pushing for commercial applications of research seems to be directly in line with the philosophy of the Conservative government, which clearly favours practical results when it comes to funding for scientific research.

But those tasks involve two separate skill sets, Mr. Tabrizi suggests, and may be much better suited to a place such as MaRS, where academic and industry heavyweights converge.

Many of MaRS's biggest partners are in health care, and Dr. Hofstein is jumping in with a list of priorities that includes focusing on stem-cell research and oncology.

MaRS itself has always been good at bringing people from various sectors together, but there's no guarantee that Dr. Hofstein's plan will work, especially in the two-to-three-year timeline he mentions when talking about a rollout date for the first MaRS Innovation projects.

Indeed, Mr. Tabrizi says some Silicon Valley insiders marvel at what MaRS Innovation is trying to do. “I think there's something innovative there,” he says. “Something different is being done.”

Ryan Merkley, a senior adviser to Mayor David Miller, was working an easel in the basement of the MaRS building at College and University. Attendees of an un-conference called ChangeCamp — a collection of programmers, activists, politicians and media types — were shouting out suggestions for what municipal information they'd like to see the city put online.