ventureLAB launches Entrepreneurship and Innovation Fund to develop innovative solutions in York Region The Entrepreneurship and Innovation Fund (EIF) will support promising early stage start-ups, accelerators, incubators, and community partners by encouraging innovation and supporting business continuity and recovery efforts. We are excited to announce today that we are launching the Entrepreneurship and Innovation Fund (EIF), providing $100,000 in funding to key organizations in order to sustain and stabilize mission-aligned community partners, small businesses, and entrepreneurs to strengthen York Region’s economic vitality.
“As the leading technology hub here in York Region, it is critical for us to help ensure the health of the innovation ecosystem and to support community organizations and entrepreneurs alike so that they can continue to drive positive economic impact post-COVID.” -Matt Skynner, COO, ventureLAB
Funded with the generous support of the Regional Municipality of York, the EIF will allow local organizations to reposition and pivot in response to the COVID-19 pandemic and its impacts on regional innovation opportunities. The fund is distributed to non-profit community partners, for-profit small businesses, and entrepreneurs over a five-year period until 2023. Additionally, an annual Pitch Competition will be held in the fall. Stream One of the Entrepreneurship and Innovation Fund program provides qualified community partners with up to $10,000 in funding for activities or initiatives that promote, support, or enhance entrepreneurship or innovation in York Region. Stream Two of the Entrepreneurship and Innovation Fund program provides qualified small businesses and entrepreneurs with up to $15,000 in funding to support the growth of your innovative business and/or to provide additional support towards business continuity and recovery efforts post-COVID. Below is a portfolio list of the EIF recipients from 2019: Seneca HELIXYork Region Arts CouncilYSpaceBIOSA TechnologiesMemory & CompanyStan A.I. Applications are open until August 28, 2020. Learn more at www.venturelab.ca/innovationfund. ventureLAB is a leading technology hub located in Markham in York Region,Canada’s second largest tech cluster. Through its programs focused on capital, talent, technology, and customers, ventureLAB has supported over 2,000 tech companies and entrepreneurs, including 100 companies that have raised over $100 million and created 3,500 jobs. ventureLAB’s innovation hub is a 50,000 square foot facility that is home to over 45 tech companies and partners that employ over 300 people. At ventureLAB, we grow globally competitive tech titans that build-to-scale in Canada. York Region is Canada’s second largest tech cluster, with over 4,300 tech companies and 65,000 tech jobs, including over 500 global multinational enterprises. York Region is home to the City of Markham, Canada’s high-tech capital and most diverse city. The region is home to more than 1.2 million residents and over 630,000 jobs