FedDev Ontario supports electronics hub in southern Ontario
$5 million to create new incubator, supporting more than 40 companies and creating over 200 jobs
In an effort to create partnerships for new innovation ecosystems that bridge the gaps between science, commercialization, investment and scale-up, the Government of Canada has stepped up.
Hoping to create good jobs for today and for future generations, a FedDev Ontario investment of $5 million has been delivered to ventureLAB in order to establish the Hardware Catalyst Initiative (HCI), a state-of-the-art lab and incubator that will help hardware technology companies grow and scale up to become globally competitive.
This project will support companies that produce the foundational technology for high growth areas such as artificial intelligence (AI), machine learning, and quantum computing, which are playing a key role as we drive towards a more connected, digitally enhanced society. More than 40 businesses will gain access to cutting-edge equipment in an expanded facility focused on designing, prototyping and producing innovative new technologies. ventureLAB will also offer specialized programs, training and mentoring services, and connect companies with industry experts to accelerate the commercialization of their technologies at home and compete around the world. This will increase the pool of talent and advance the growth of a regional semiconductor and hardware cluster connected to the Toronto-Waterloo Innovation Corridor.
Anchoring a strong hub that will help Canadian companies scale up
“Today’s investment in ventureLAB builds on southern Ontario’s, and Canada’s, competitive advantages in advanced electronics, anchoring a strong hub that will help Canadian companies scale up and compete both at home and abroad, while creating highly skilled jobs today and tomorrow,” says Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
Today’s investment will lead to the commercialization of 15 new technologies and create over 200 new, highly skilled jobs over the next five years. The project also aligns with the Government’s Economic Strategy Tables, which highlight the benefits of integrating digital technologies across key sectors of the Canadian economy.
“Today’s investment will support over 40 businesses in our community, create over 200 jobs in a recognized centre of innovation and strengthen Markham’s role in Ontario’s Innovation Corridor,” adds Mary Ng, Minister of Small Business and Export Promotion and Member of Parliament for Markham–Thornhill.
Enable tech companies to create transformational technologies
ventureLAB supports tech entrepreneurs through programs focused on capital, talent, technology and customers to advance Canada’s economy on a local, national and global scale. Located in Markham within York Region, Canada’s second-largest tech cluster, it operates a 50,000-square-foot innovation hub that is home to over 45 tech companies and innovation partners employing over 300 people.
“The Hardware Catalyst Initiative will enable tech companies to create transformational technologies that form the core of AI, quantum computing, virtual reality and beyond, powering the future of advanced medical devices, connected transportation and next generation communications in Canada and around the world,” says Melissa Chee, president & CEO, ventureLAB.
Since it was founded in 2011, ventureLAB has helped over 2,000 tech entrepreneurs and small- and medium-sized enterprises create 3,500 jobs and leverage over $100 million in public and private investments.