ventureLAB Announces $2.5 million from the Government of Ontario to Expand Hardware Catalyst Initiative (HCI) in Vaughan
Funding from the Provincial Government’s Ontario Together Fund will enable ventureLAB to build a new MedTech lab in Vaughan, in partnership with Sterling Industries
ventureLAB announced a $2.5 million investment from the Government of Ontario to establish a MedTech-specific stream within its Hardware Catalyst Initiative, Canada’s only lab and incubator for hardware and semiconductor companies. The funding is part of the Ontario Together Fund from the Ministry of Economic Development, Job Creation and Trade and builds on a $9.7 million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The timely investment will enable ventureLAB to support made-in-Ontario medical solutions and strengthen Ontario’s MedTech sector and technical capacity to fight COVID-19 and respond to future pandemics.
ventureLAB is a leading global founder community for hardware technology and enterprise software companies in Canada and the designated Regional Innovation Centre (RIC) for York Region. Building on a longstanding partnership with the City of Vaughan, in 2021, ventureLAB established a “beach head” location in Vaughan at the Pierre Berton Resource Library. This entrepreneurship development site serves to support Vaughan-based entrepreneurs through technology-driven programs and services. To date, ventureLAB initiatives have enabled thousands of companies to create over 4,500 jobs and raise more than $200 million in investment capital.
The Hardware Catayst Initiative is Canada’s only hardware and semiconductor-focused lab and incubator
ventureLAB’s Hardware Catalyst Initiative is Canada’s only lab and incubator for founders building hardware and semiconductor-focused products, enabling the creation of transformative technologies that will power our products of tomorrow. Funded in part by the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Hardware Catalyst helps tech companies accelerate their time to market in a sector that normally incurs lengthy entry and scale times, enabling Canadian hardware and semiconductor companies to grow and scale locally, and compete globally.
Following the success of the Hardware Catalyst Initiative, the new FedDev funding will be used to expand the HCI’s capacity and build a new MedTech-specific lab in Vaughan, complete with specialized equipment to facilitate the growth of Ontario-based MedTech companies. The two-year project will create new high-quality jobs that will result in new made-in-Ontario technologies, innovations, and intellectual property.
ventureLAB’s new MedTech incubator will be located at Vaughan-based Sterling Industries
The City of Vaughan is emerging as an epicentre of healthcare innovation in Canada. Home to Cortellucci Vaughan Hospital, Canada’s first smart hospital and a growing health and life sciences cluster, Vaughan is a prime location for ventureLAB’s new MedTech lab and a destination of choice for emerging talent.
The new MedTech incubator will be located within Vaughan-based Sterling Industries to benefit from its resources, product development and production expertise. As an end-to-end contract manufacturer and assembler of medical devices and components, Sterling Industries is a proven industry leader with manufacturing facilities and distribution channels in the U.S. and Europe. Sterling Industries will bring essential equipment, top technical talent, and industry-leading mentorship to the project.
A first-of-its-kind MedTech incubator will support the development of the Vaughan Healthcare Centre Precinct (VHCP) into a world-class destination for health innovation.
The Vaughan Healthcare Centre Precinct is slated to become a world-class destination for health research, education, innovation and commercialization. As a key partner on the VHCP project, ventureLAB’s enhanced capacity to support the development and commercialization of made-in-Ontario medical technologies will directly benefit the development of the VHCP. The future VHCP will include a ventureLAB innovation space dedicated to broadening and strengthening Vaughan’s entrepreneurial community while driving commercialization at scale.
ventureLAB’s new MedTech incubator will create critical resources and support for the growth and development of innovative medical device companies in Vaughan. Partnership with Sterling Industries and other private and public sector partners will also attract top talent to the city, further supporting the growth of Vaughan’s health innovation cluster. This investment is an important building block in developing the VHCP into a leading medical innovation node and a destination of excellence in health and health innovation.
For more information, visit https://www.venturelab.ca/programs/hardware-catalyst-initiative.