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York provides $1 million in new funding to ventureLAB

VentureLAB, a global founder community for hardware technology and software companies in Canada, will receive $1 million over four years from York Region.

Under the new funding agreement approved by York Regional Council, ventureLAB will receive $150,000 annually for core services for a total cost of $600,000.

It will also receive $100,000 annually for innovation network development under the York Region Entrepreneurship and Innovation Fund, which encourages innovation by fully supporting promising early-stage start-ups, accelerators, incubators and community partners, for a total cost of up to $400,000.

The new funding agreement aligns with York Region’s 2024 to 2027 Economic Development Plan, which sets out a strategic course of action for economic growth and prosperity. Innovation, one of the plan’s four main pillars, focuses specifically on fostering an environment supporting entrepreneurship and innovation through ventureLAB to drive economic advancements.

“Our continued partnership with ventureLAB, York Region’s Innovation Centre, is an important investment for our thriving economy,” says York Region Chairman and CEO Wayne Emmerson. “VentureLAB has achieved many successes over the past several years and continues to demonstrate the value of supporting entrepreneurial programs and services, specifically in the technology and small business sectors.”

VentureLAB has generated more than 2,500 new jobs in Canada – including 800 jobs in York Region – from the companies it supports. Regional companies supported by ventureLAB in 2023 generated more than $79 million in revenue, York reports.

VentureLAB has also supported 52 organizations through the Entrepreneurship and Innovation Fund. It secured an additional $4.5 million in 2023 from the Federal Economic Development Agency for Southern Ontario to expand the Hardware Catalyst Initiative, Canada’s only hardware and semiconductor-focused lab and incubator. Since its launch in 2020, that initiative has received about $20 million in investments from all levels of government, including $1.5 million from York Region.

 

Photo: VentureLAB, a global founder community for hardware technology and software companies in Canada, will receive $1 million over four years from York Region. 

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