ventureLAB and Science and Technology Parks Establish MOU to Promote Global Innovation in Hardware and Software

On December 5, 2024, ventureLAB, a leading Canadian hub for hardware technology and enterprise software, formalized a Memorandum of Understanding (MOU) with multiple Science and Technology Parks in Serbia, including those in Belgrade, Niš, Čačak, and Novi Sad. This significant agreement was established during the Global Partnership on Artificial Intelligence (GPAI) Summit 2024, marking a key step in enhancing collaboration between the two nations aimed at advancing innovation in hardware technology and enterprise software.

Garry Chan, the Chief AI Advisor at ventureLAB, emphasized the importance of the partnership in the context of AI, describing it as a timely initiative that will facilitate the connection of innovation ecosystems and provide real opportunities for startup founders to develop impactful solutions. The MOU represents a commitment from both organizations to promote their respective programs while providing critical support to founders engaged in developing transformative technologies.

The collaboration is designed to unlock new pathways for startups and scale-ups in both Canada and Serbia, thus facilitating global growth and innovation. Jovan Milić, a spokesperson for Serbia's Ministry of Science, Technological Development, and Innovation, highlighted that this agreement would grant Serbian startups enhanced access to international resources and markets, while simultaneously fostering innovation and collaboration in AI with Canadian partners.

The MOU includes several strategic objectives:

1. Global Innovation Ecosystem: The partnership will create a robust global innovation ecosystem by connecting Serbian startups with Canadian resources, expertise, and networks. This aligns with the goals established at the GPAI Summit.
2. Economic Growth: This collaboration aims to stimulate economic development through entrepreneurship and investment attraction. Serbian startups will gain entry to Canadian markets while enabling Canadian technology firms to tap into Serbia's burgeoning tech scene.
3. Talent Development: The MOU promotes knowledge exchange and mentorship programs intended to enhance the skills of entrepreneurs in both countries, empowering them to innovate and effectively scale their businesses.

This agreement aligns with a prior visit from Serbian officials, including Minister of Science, Innovation, and Technological Development Jelena Begović, who toured ventureLAB’s advanced Hardware Catalyst Lab and examined potential collaboration avenues in the summer preceding the MOU signing.

This partnership underscores a shared commitment to technological advancement, entrepreneurship, and the establishment of thriving ecosystems that bridge the geographical gap between Canada and Serbia.

ventureLAB positions itself as a pivotal community for hardware technology and enterprise software companies within Canada, situated in Ontario’s innovation corridor. Boasting a diverse tech community, ventureLAB has facilitated the creation of over 6,800 jobs and raised more than $420 million in investment capital, playing a crucial role in empowering hardtech founders to develop and scale competitive ventures that bolster Canada’s knowledge-based economy. This new alliance with Serbian parks represents a significant expansion of these efforts, aiming for mutual growth and sustained innovation across borders.