TORONTO, April 21, 2017 /CNW/ - Social purpose real estate organization Artscape has announced $21.4 million in funding raised—$14,050,000 in capital funding; $4,450,000 in community bonds, an innovative impact investing program; and $2,993,000 in program and start-up funding—to support its art and design entrepreneurship hub currently under construction on Toronto's East Bayfront in the Daniels Waterfront—City of the Arts development. Funding for the $27.3 million capital project has been contributed by the private sector, philanthropists and all three levels of government. The hub is named in recognition of the outstanding financial support of The Daniels Corporation and the John and Myrna Daniels Foundation, whose leadership gift of $5.75 million includes $625,000 in support from 'City of the Arts' development partner WJ Properties.
Artscape Daniels Launchpad's goal is to help artists and designers build thriving careers, organizations and businesses. It will be a unique place where creatives have access to a multi-disciplinary environment full of tools, equipment and technology, entrepreneurship programs and activities, and a marketplace of services, resources and opportunities.
"It is becoming harder and harder to sustain a career as an artist or designer," said Tim Jones, Artscape CEO. "After many years of research and collaboration, we are very excited to be introducing Artscape Daniels Launchpad and announcing the partners who will help thousands of creators more fully realize their potential."
"We are thrilled to once again partner with Artscape and combine our name with theirs in the creation of Artscape Daniels Launchpad in the heart of our 'City of the Arts' community," said Don Pugh, Vice President of The Daniels Corporation. "Supporting this creative entrepreneurship hub is an opportunity to reinforce Daniels' commitment to the arts and to ensure that artists themselves play an important role in city building."
Other major capital contributions have been made by the Government of Canada through Canadian Heritage ($3.5 million), the Ontario Ministry of Research, Innovation and Science ($3 million), and a group of philanthropists who have made gifts ranging from $100,000 to $1,000,000. A total of $4,450,000 has been raised to date through the sale of community bonds—asset-backed investments that provide an opportunity for investors to use their capital to generate social as well as financial returns. Impact investors in the project include The Michael Young Family Foundation, Toronto Foundation, Hamilton Community Foundation, Inspirit Foundation, McLean Smits Family Foundation and Bealight Foundation.
Start-up and program funding was announced including contributions from:
- The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) ($1.75 million)
- Ontario Trillium Foundation ($450,000)
- Ontario Media Development Corporation ($250,000)
- The City of Toronto through Start Up Here Toronto ($250,000)
- The Metcalf Foundation ($243,000)
- The J.W. McConnell Family Foundation ($50,000)
This support is allowing Artscape to hire the Artscape Daniels Launchpad team, deliver entrepreneurship training to thousands of artists and designers, and strengthen connections between creatives and businesses across Southern Ontario.
The Daniels Waterfront – City of the Arts community is designed by RAW Design; Rafael + Bigauskas Architects are the Architects of Record. The interior design of Artscape Daniels Launchpad is by Quadrangle. Artscape has hired Karim Rahemtulla as Managing Director of Artscape Daniels Launchpad and is staffing up in preparation of the opening of the hub in the summer of 2018. Artscape will make announcements regarding partnerships and the hub's membership model in the months to come.
The Honourable Mélanie Joly, Minister of Canadian Heritage: "Investing in Canada's cultural sector helps create jobs for the middle class, strengthens the economy and ensures that Canada's unique perspective is shared with the world."
Adam Vaughan, Member of Parliament (Spadina-Fort York): "The Government of Canada is committed to supporting Canada's cultural infrastructure. With today's investment, we are making the most of Toronto's unique assets to strengthen southern Ontario's creative cluster. Artscape Launchpad will help connect artists and designers from all over southern Ontario to skills training and to the businesses that need their services—all in a state-of-the-art facility."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario: "Canada's greatest strength is its skilled, hard-working, creative and diverse workforce. Our Government is committed to supporting innovation and competitiveness on a global scale. This means investing in the people and companies that can generate innovative ideas and strengthen our economy. Today's investment is one way we are advancing our vision of Canada as a global centre for innovation; by supporting the skills of our valuable entrepreneurs and creating jobs for Canadians."
The Honourable Reza Moridi, Minister of Research, Innovation and Science: "Our government understands the incredible opportunity that exists to create good jobs and grow our economy through the arts. That is why supporting our creative professionals through Artscape Daniels Launchpad is so important. It will help our artists get the support they need to create successful businesses and showcase their work at home and around the globe."
Toronto Mayor John Tory: "The City of Toronto is proud to support artists and designers in the GTA and beyond through Artscape Daniels Launchpad. Toronto is home to Canada's largest concentration of cultural workers, and we understand that when our creative communities thrive, we build a more vibrant, resilient and prosperous city for everyone."
LoriAnn Girvan, Artscape COO: "We are thrilled and honoured that many of our partners have also signed on as investors in Artscape Daniels Launchpad. By purchasing community bonds, they are not only staking their belief in the potential of Launchpad to accelerate the careers of artists and designers, they are also showing that they are confident that our business model will achieve a sound financial return. This is a win/win—the early capital that is bringing Launchpad to life can be reinvested in future initiatives that promote economic opportunity."
Sharon Avery, President & CEO, Toronto Foundation: "This is the Foundation's second social impact investment where we are marrying our financial investments with positive social outcomes. We are honoured to be part of this exciting city-building initiative that will catalyze the careers of our incredible creative talent."
Karim Rahemtulla, Managing Director of Artscape Daniels Launchpad: "Artscape Daniels Launchpad is a first-of-its-kind global model empowering and supporting artists to thrive in today's innovation and knowledge-based economy. Launchpad will be a space that engages with the artist and designer in their journey to entrepreneurship and providing tools and resources including state-of-the art production studios, customized learning programs, mentorship and industry access and network initiatives. I look forward to advancing our programming and growing our team to create a place of collaboration and community that's as unique as our members."
Karen Thorne-Stone, President & CEO, Ontario Media Development Corporation: "The success of Ontario's creative industries depends, in part, on our ability to foster new generations of entrepreneurs. Artscape Daniels Launchpad is poised to do just that with collaborative space and innovative programming designed to give content creators and businesses the resources and expertise they need to compete in the national and international marketplace."
Janet Yale, Chair of the Ontario Trillium Foundation, an agency of the Government of Ontario: "The Ontario Trillium Foundation is pleased to have played a role in the vital work that Artscape is doing in the arts community," said Janet Yale, Chair of the Ontario Trillium Foundation's Board of Directors. "We're focused on awarding grants to innovative projects that help build healthier and more vibrant communities. It's a pleasure to see your 2015 Grow grant making a difference, helping creative professionals become successful entrepreneurs."
Michael Trent, Performing Arts Program Director, Metcalf Foundation: "The Metcalf Foundation's Performing Arts program has a long history of investing in new approaches and learning; we support inventive ideas led by smart people who are working on some of the field's most intractable challenges. We also see great promise in developing our next generation of leaders. The Artscape Launchpad Program speaks to both of these goals and we have been very pleased to support early stage curriculum development in a program that will help creative ideas come to market while building economic sustainability for the artists and entrepreneurs who lead them."
For further information: MEDIA CONTACTS: For Artscape/General: Sarah McNeil, Public Affairs and Corporate Communications, NATIONAL PR, Work: 416-848-1464, Email: [email protected]; For The Daniels Corporation and John & Myrna Daniels Foundation: Megan Aird, The Daniels Corporation / David Eisenstadt, TCGPR, Work: Megan, 416-591-2918 / David, 416-696-9900 ex. 36, Mobile: Megan, 416-389-6074 / David, 416-561-5751, Email: [email protected] / [email protected]