FedDev Ontario is investing $5 million for ventureLAB 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 foundation 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.
Over 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.
The 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.
“The Government of Canada has an ambitious plan to make Canada a world leader in innovation and entrepreneurship. 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,” said
Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
Quick Facts
- 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.
- 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.
- ventureLAB is partnering with global leaders in hardware and silicon technologies to validate new technologies and support growing companies in the advanced electronics sector.
- This year marks 10 years of FedDev Ontario delivering funding and business services to support innovation and growth in southern Ontario.