York Region’s ventureLAB continues to drive strong innovation

Newmarket – The Regional Municipality of York continues to support innovation and job growth through ventureLAB, York Region’s provincially recognized Regional Innovation Centre.

"Strengthening economic vitality across York Region is a key priority for York Regional Council,” said York Region Chairman and CEO Wayne Emmerson. "Our partnership with ventureLAB continues to bring value to entrepreneurs and growing companies in York Region, attracting top talent and showcasing business innovation.”

Highlights of 2022 outcomes:

• Total registered clients in 2022 was 247, a 14% increase from 2021
• ventureLAB clients generated $42 million in revenues and raised $69.5 million in public and private sector funding
• York Region-based clients generated $16 million in revenues and an additional $5 million in public and private sector funding
• Since 2020, Hardware Catalyst Initiative companies have commercialized 74 new products

“Job growth and talent retention are important to York Region’s thriving economy,” said City of 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.” 

Over the past several years, ventureLAB 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.
 
With York Region funding of $1.5 million over five years approved in November 2021, the Hardware Catalyst Initiative was able to attract 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 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 over 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

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to more than 1.2 million residents and 55,600 businesses with more than 615,000 employees. More information about the Region’s key service areas is available at york.ca/regionalservices

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Media Contact:

Stephanie Crowley, Corporate Communications,
The Regional Municipality of York
Phone: 289-763-2598
Email: @email