York Region provides ventureLAB with $1 million in funding
York Regional Council has reaffirmed its commitment to economic development, innovation and talent across York Region through a $1 million funding agreement with ventureLAB, the Region’s innovation centre.
Aligning with York Region’s 2024 to 2027 Economic Development Action Plan, this four-year funding agreement provides ventureLAB with an annual contribution of $250,000, of which $150,000 supports existing programs and services, including fostering support and connections for founders to gain investment, attract and retain talent and bring technology to market.
The remaining $100,000 is dedicated to the York Region Entrepreneurship and Innovation Fund, administered by ventureLAB on behalf of York Region to foster entrepreneurship and drive innovation.
Supporting innovative entrepreneurs in York Region increases job growth and showcases the unique and strong talent we have. Recent ventureLAB accomplishments include:
- Generating over 2,500 new jobs in Canada from ventureLAB-supported companies, including 800 jobs in York Region alone
- York Region-based companies supported by ventureLAB in 2023 generated over $79 million in revenue
- Supporting 52 innovative organizations through the Entrepreneurship and Innovation Fund by supporting early-stage start-ups, accelerators, incubators and community partners
- Securing an additional $4.5 million in 2023 from the Government of Canada through the Federal Economic Development Agency for Southern Ontario to expand the Hardware Catalyst Initiative; since its launch in 2020, the initiative has received approximately $20 million in investments from all levels of government, including $1.5 million from York Region
Learn more about ventureLAB, York Region’s Innovation Centre, at venturelab.ca
For more information on economic development in York Region and available resources to grow a business, visit YorkLink.ca
