The Regional Municipality of York supports innovation and job growth through ventureLAB, with its clients generating $42 million in revenues and raising $69.5 million in public and private sector funding in 2022.
According to a York Region news release, the provincially recognized regional innovation centre has also secured several leading equipment, design and manufacturing partners to officially launch Canada’s only hardware and semiconductor lab in 2020.
The semiconductor industry supports a variety of products since the semiconductors, or tiny chips, can be found in thousands of products such as computers, smartphones, appliances, gaming hardware and medical equipment like ventilators. This has been an important initiative through the pandemic given the global shortage of supplies, the region stated.
With York Region funding of $1.5 million over five years approved in November 2021, the Hardware Catalyst Initiative has attracted interest from strong start-ups, bringing more hardware companies into the region. Additionally, multiple levels of government and private sector partners have invested over $10 million to further expand the initiative, recognizing the opportunity for York Region and Canada to play in the global supply chain.
As an expansion of the Hardware Catalyst Initiative, ventureLAB also launched a new Canada Catalyst Program, attracting many technology-based companies to York Region, the region said.
The initiative has supported the creation of an additional 287 jobs in York Region since 2020, including 111 in 2022 alone, exceeding its five-year job target. The Hardware Catalyst Initiative has also commercialized 74 new products and generated $17.7 million in revenue since 2020.
ventureLAB continues to support development and delivery of programs and services targeting technology-based entrepreneurs looking to start or grow a business. Since its inception in 2011, ventureLAB has helped 3,500 businesses create more than 5,000 jobs across all service areas.
For more information on economic development and available resources to grow a business, visit YorkLink.ca and learn more about ventureLAB at ventureLAB.ca
