York Region injects $1.5M into Markham’s ventureLAB

Yorkregion.com
Feb. 7, 2022

A $1.5-million investment into ventureLAB’s Hardware Catalyst Initiative will create 145 new jobs by attracting international semiconductor companies to grow in York Region.

That’s the thought behind the Region of York’s recent cash boost to the Markham-based hardware-focused lab and incubator.

“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,” said ventureLAB president and CEO Melissa Chee.

Semiconductors power virtually every modern-day technology and product, from consumer electronics to home appliances to transformative technologies and life-saving medical devices.

As the demand for semiconductors, chips and sensors continues to surge, the global shortage of chips continues to impact the automotive industry, medical devices and consumer electronics supply chain.

The region’s investment will 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 the region over five years.

The Hardware Catalyst Initiative is 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) and continues to build a globally competitive cluster for hardware and semiconductor research, innovation, design and manufacturing centred in the region.

“We know supporting the growth of innovative companies is key to strengthening York Region’s economic vitality,” said York Region chair and CEO Wayne Emmerson. “Our investment 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.”