ventureLAB, a provincially-recognized regional innovation centre located in Markham, is credited with boosting job creation and driving innovation.
It reached 247 registered clients last year – a 14 per cent increase from 2021. Those clients generated $42 million in revenues and raised $69.5 million in public and private sector funding. Clients based in York Region generated $16 million in revenues and an additional $5 million in public and private sector funding.
“Job growth and talent retention are important to York Region’s thriving economy,” says Richmond Hill Regional Councillor Joe DiPaola, Chair of the Region’s Planning and Economic Development. “ventureLAB is a key partner to help increase job creation, drive innovation and support commercialization.”
Since 2020, companies under the Hardware Catalyst Initiative have commercialized 74 new products. Over the past several years, ventureLAB landed several leading equipment, design and manufacturing partners to officially launch Canada’s only hardware and semiconductor lab in 2020. Semiconductors, or tiny chips, are found in thousands of products, including computers, smartphones, appliances, gaming hardware and medical equipment like ventilators.
In November 2021, York provided the Hardware Catalyst Initiative with $1.5 million in funding over five years, enabling it to attract interest from strong start-ups and bring more hardware companies to the Region. At the same time, multiple levels of government and private sector partners have invested over $10 million to further expand the initiative.
ventureLAB expanded the Hardware Catalyst Initiative and launched the Canada Catalyst Program, further drawing many technology-based companies to York Region. The initiative has supported the creation of an additional 287 jobs in here 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.
Since its inception in 2011, ventureLAB has helped 3,500 businesses create over 5,000 jobs across all service areas. Visit ventureLAB.ca to learn more.