York regional council has reaffirmed its commitment to support economic development, innovation and talent across York Region with a four-year, $1-million funding agreement with ventureLAB.
York Region will provide 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, according to a Regional Municipality of York news release.
The remaining $100,000 is dedicated to an entrepreneurship and innovation fund, administered by ventureLAB on behalf of York Region.
The agreement aligns with York Region’s 2024 to 2027 economic development action plan, which includes fostering an environment supporting entrepreneurship and innovation through ventureLAB.
“Economic vitality remains a strategic priority for regional council,” said York Region chairman and CEO Wayne Emmerson. “Our continued partnership with ventureLAB, York Region’s Innovation Centre, is an important investment for our thriving economy. ventureLAB has achieved many successes over the past several years and continues to demonstrate the value of supporting entrepreneurial programs and services, specifically in the technology and small business sectors.”
Recent ventureLAB accomplishments, the release stated, 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 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.
“ventureLAB-supported companies continue to have a significant impact on York Region’s economy,” said Richmond Hill Regional Councillor Joe DiPaola, chair of the region’s planning and economic development. “Supporting innovative entrepreneurs in York Region increases job growth and showcases the unique and strong talent we have.”
For more information on economic development in York Region and resources to grow a business, visit YorkLink.ca.
