The new 4,600-square-foot office space is more than double the size of Exploriem’s current location in the Lincoln Fields Shopping Centre, and will have room for 22 workstations for young entrepreneurs. That’s more than five times as many startups as it can accommodate in its current four-workstation office, said Exploriem founder Bruce Firestone.
An unidentified tech company will be moving out of the building owned by Lee Valley. Exploriem won’t need to do any construction to prepare the office for its arrival.
“The space is very funky and techy, and it’ll be a lot of fun for our startups,” says Erika Godwin, director of member development at Exploriem.
More than half of the 22 workstations have already been reserved at a rate of $300 per month, which includes a large cubicle, Internet access and a telephone.
With the additional space, startups will also have access to more seminars and lunch-and-learn sessions. Startups can expect visits from the Business Development Bank of Canada, Royal Bank, as well as lawyers and accountants that can help advise new companies.
“Some of the entrepreneurs really need a place to meet clients or suppliers or future hires that they can’t get in their dorm room or their mom’s basement,” Mr. Firestone said.
The new office is right along the Queensway, has a larger board room and will be more visible because of signage space Lee Valley is providing to Exploriem.
Century 21 Explorer Realty Inc., the real estate company also owned by Mr. Firestone, will remain in the Lincoln Fields office it previously shared with Exploriem.
The local incubator received a $159,300 grant from the Ontario Trillium Foundation late last month, which will be used to take in more than 100 young entrepreneurs over the next two years.