York Region partners with VentureLAB to expand hardware-focused lab and incubator
Maryam FaragEconomy Manufacturing Business Canada COVID-19 Economy government Hardware hub incubator manufacturer manufacturing Operations ventureLAB York
VentureLAB and the Regional Municipality of York have partnered to expand the Hardware Catalyst Initiative, Canada’s only lab and incubator for hardware and semiconductor companies.
York Region’s investment of $1.5 million over five years leverages the Government of Canada’s investment of $9.7 million through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“VentureLAB has gained strong momentum as Canada’s Hardware Hub through the success of the Hardware Catalyst Initiative,” said Melissa Chee, President and CEO, VentureLAB. “We look forward to continuing to work with York Region to build a globally competitive semiconductor ecosystem that bridges research and commercialization, builds a strong domestic talent pool of highly qualified professionals and creates a connected, sustainable, resilient ecosystem for tech firms who choose the Region to build, grow, and scale.”
The investment will create approximately 145 new jobs in York Region over five years.
“York Region is home to one of Canada’s largest tech hubs and we know supporting the growth of innovative companies is key to strengthening York Region’s economic vitality,” said Wayne Emmerson, Chairman and CEO, York Region. “Our investment into the Hardware Catalyst Initiative will help ventureLAB expand its capabilities, attract top talent and jobs and continue to demonstrate that York Region is a global destination of choice for entrepreneurs and investors.”