Monday, May 23, 2022

York Region’s new investment aims to attract global tech firms and create new jobs in the region

Regional Municipality of York today announced a five-year, $1.5 million investment in ventureLAB’s Hardware Catalyst Initiative – a Canadian lab and incubator for hardware and semiconductor companies. 

“York Region is home to one of Canada’s largest tech hubs and we know supporting the growth of innovative companies is key to strengthening York Region’s economic vitality,” said York Region chairman and chief executive officer Wayne Emmerson. “Our investment into the Hardware Catalyst Initiative 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.”

The region says the investment leverages the Government of Canada’s investment of $9.7 million through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and aims to build a globally competitive cluster for hardware and semiconductor research, innovation, design, and manufacturing centred in York Region. It will also create approximately 145 new jobs in the region over five years.

With this investment, York Region joins ventureLAB’s global network of over 35 industry leaders, including Siemens, Silicon Catalyst, TSMC, Arm, and many more. Together with eight founding partners including AMD, Synopsys, and others, and leveraging FedDev Ontario’s initial investment, Hardware Catalyst Initiative partners have committed over $50 million in resources, equipment, expertise, and mentorship for the participating companies, enabling them to commercialize their products and scale their companies.

“ventureLAB has gained strong momentum as Canada’s Hardware Hub through the success of the Hardware Catalyst Initiative,” said Melissa Chee, president and chief executive officer, ventureLAB. “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.”

 

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Jim Love, Chief Content Officer, IT World Canada
Pragya Sehgal
Pragya Sehgal
Born and raised in the capital city of India - Delhi - bounded by the river Yamuna on the west, Pragya has climbed the Himalayas, and survived medical professional stream in high school without becoming a patient or a doctor. Pragya now makes her home in Canada with her husband - a digital/online marketing fanatic who also loves to prepare delicious meals for her. When she isn’t working or writing around tech, she’s probably watching art films on Netflix, or wondering whether she should cut her hair short or not. Can be contacted at psehgal@itwc.ca or 647.695.3494.

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