York Region’s decision to renew and expand its partnership with ventureLAB, a technology hub that supports tech entrepreneurs and small businesses, signals its commitment to creating jobs, its says.
“Supporting the growth of innovative and disruptive businesses is critical to the future economic prosperity of our communities,” says York Chairman and CEO Wayne Emmerson. “The renewed agreement and additional funding to ventureLAB reinforces our Council’s commitment to creating jobs and helping local business succeed.”
The Region increased annual core funding to ventureLAB to $150,000 and will offer an additional one-year $100,000 investment through its Entrepreneurship and Innovation Fund to develop new ideas and business innovations. It has invested more than $800,000 since 2011 to support ventureLAB, which operates a 50,000-square-foot innovation hub in Markham that’s home to more than 45 tech companies and innovation partners employing more than 300 people.
Since its founding in 2011, ventureLAB has helped more than 2,000 tech entrepreneurs and small- and medium-sized enterprises create 3,500 jobs and leverage more than $100 million in public and private investments. It’s partnering with global leaders in hardware and silicon technologies to validate new technologies and support growing companies in the advanced electronics sector.
Regional Innovation Centres such as ventureLAB develop and deliver support programs and services that target technology-based entrepreneurs starting and growing global enterprises, the Region reports.
Photo from ventureLAB.