MaRS Discovery District Cuts 11 Employees, Moves 8 to Contract Jobs

What’s happening at MaRS?

Toronto-based innovation hub MaRS Discovery District continues to streamline its operations by laying off 11 employees, and revamping its advisory model. These changes are part of its new business strategy under CEO Alison Nankivell.

• Following 20 layoffs in June 2024, primarily at the leadership level, MaRS has cut 11 more employees, with eight advisors transitioning from employees to contractors.
• These changes reduce MaRS’ headcount to 101 employees, while MaRS as a whole, including its Investment Accelerator Fund (IAF) and real estate division, now has 153 employees.
• Nankivell plans to reduce reliance on government funding, which currently makes up two-thirds of Discovery District’s revenue. Recent layoffs and realignment aim to save over $5 million, targeting $22 million in annual expenses.

CEO’s vision and business model shift

Alison Nankivell, who took over as CEO in March, outlined the need for a more unified operational structure, with the aim of integrating MaRS’ three key divisions—IAF, the real estate arm, and the Discovery District—under a single business model. Previously, these divisions operated in silos, but Nankivell emphasized that a unified approach would foster collaboration and resource-sharing across MaRS.

• Nankivell highlighted that MaRS had become overly reliant on government funding and is now targeting a balanced 50/50 split between public and private funding within the next few years. “You build a much more financially resilient model when you have multiple sources of revenue,” she explained.
• MaRS is also exploring international partnerships as a new revenue stream, with ongoing collaborations like the cooperative incubator with Innovate UK fostering connections between U.K. and Canadian startups.

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