York Region invests $1.5M into ventureLAB’s Hardware Catalyst Initiative
by CM Staff
This investment will also create approximately 145 new jobs in York Region over five years.
MARKHAM — ventureLAB and the Regional Municipality of York have partnered to expand the Hardware Catalyst Initiative, a 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) and continues to try and build a globally competitive cluster for hardware and semiconductor research, innovation, design and manufacturing centered in York Region.
This investment aims to enable ventureLAB to increase its capacity to assist homegrown innovation and commercialization opportunities and help international hardware and semiconductor companies establish and grow their businesses and teams in York Region. It will also create approximately 145 new jobs in York Region over five years.
“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.”
“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 York Region Chairman and CEO Wayne Emmerson. “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.”
“Today’s announcement builds on the Government of Canada’s initial investment in ventureLAB’s Hardware Catalyst Initiative (HCI). The HCI is creating opportunities for Canada to be a global leader of semiconductor products and we are proud to support Canadian businesses in this important sector,” said Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario.