Posted over 3 years ago by 1dolinski(7969)

The relaunch of OneEleven comes after a dramatic year for the Toronto incubator, which shut its doors in April, citing concerns over the COVID-19 pandemic. The decision to shut down the organization was made by OneEleven’s board of directors, notably comprised of representatives OMERS and Oxford Properties, which own the 325 Front Street building where OneEleven is based. In August, BetaKit was first to report that following multiple proposals to obtain OneEleven, the Ontario Centres of Excellence (OCE) signed an agreement to acquire the OneEleven brand, office space, and intellectual property from Oxford Properties. Current plans place OneEleven to open again October 1, although multiple sources have confirmed to BetaKit that Lombardi has already been actively engaging with the Toronto tech community about the relaunch. Interest in the reborn incubator, which at its peak hosted 55 companies and over 1100 people, has been a matter of open debate. Back-of-envelope estimates shared with BetaKit go as high as 30 companies, but that number includes soft commitments of interest. Former OneEleven startups BetaKit spoke with indicated hesitation due to a lack of interest from employees to return to offices during a pandemic, as well as pricing.

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