OCE may see its funding cut by as much as half, while Ontario is reducing its funding to MaRS, the Toronto-based incubator, by $2 million, or 30 per cent of the province’s contribution. (Globe and Mail)
Talking point: In a statement to The Logic, MaRS spokesperson Corey Black said that the unplanned funding reduction represents less than 10 per cent of the organization’s operating budget. “We are expecting to retain most staff by covering vacancies internally; however, as we restructure departments in upcoming weeks, there may be a small staff reduction,” he said. Following publication, MaRS CEO Yung Wu contacted The Logic and said potential job losses would not be a result of the funding cuts, but he did not answer a question about what might cause the layoffs. These reported funding cuts come a week after The Logic first broke the news that Communitech laid off 15 staff in the face of a 30 per cent funding reduction from the province.