ventureLAB’s 2024 Annual Recap

In reflection of 2024, ventureLAB has made significant strides in its mission to empower hardtech founders and bolster Canada's knowledge-based economy. With a focus on key sectors like semiconductors, artificial intelligence, and MedTech, ventureLAB has dedicated efforts to drive innovation and support Canada's unique strengths.

A primary achievement of 2024 was the expansion of ventureLAB’s networks, both nationally and internationally, fostering valuable partnerships across 19 countries. Notably, ventureLAB formalized a collaboration with Serbia’s Science, Technology, and Innovation Department to advance biotechnology and AI. Participation in global summits allowed the organization to share its vision and form enduring connections, evidenced by the 300 ventureLAB pins carried during their inaugural Asia mission, symbolizing the fruitful partnerships established.

Financially, ventureLAB succeeded in leveraging public funding to attract additional investments, showcasing its value to ecosystem partners. This included a pivotal $4.5 million investment from FedDev Ontario to support the Hardware Catalyst Initiative, which not only helped 30 tech companies but also created over 170 jobs in southern Ontario. Throughout the year, ventureLAB welcomed numerous startups into its programs, contributing to a robust support system for innovation.

The organization also prioritized collaboration through various global missions, including participation in prominent expos like the Smart Cities Expo in Taipei and Electronica in Munich. These initiatives fostered knowledge exchange and innovation, enhancing ventureLAB's international presence. Furthermore, partnerships with CMC Microsystems and Hudson Valley FastFab were forged to strengthen Canada’s MedTech and semiconductor sectors.

Cultural initiatives were equally emphasized, with ventureLAB achieving "Great Place to Work" certification and receiving recognition as one of Canada’s Most Admired Corporate Cultures for the fourth consecutive year. This reflects the organization’s commitment to transparency, inclusivity, and a supportive environment for team members.

The 4th Annual HardTech Summit represented a high point in 2024, attracting over 1,100 participants and showcasing 30 exhibitors. This year marked a departure from traditional applause at the HardTech Pitch Gala, as participants celebrated with innovative custom loud cups, symbolizing the impactful work ongoing within the community.

Looking forward to 2025, ventureLAB plans to remain a prominent partner across critical sectors in Canada while advocating for responsible and sustainable innovation. The introduction of the ventureLAB Chats podcast aims to highlight stories from industry founders and leaders, further enriching the community’s narrative and connection.

With substantial accomplishments and a mission-focused approach, ventureLAB continues to empower hardtech founders to scale globally competitive ventures. As 2024 concludes, the organization anticipates yet another inspiring year, committed to enhancing Canada’s leadership in technology and innovation.

The ventureLAB team is grateful for the community’s support and enthusiastic about the potential that lies ahead, welcoming 2025 with optimism for continued growth and collaboration in the tech landscape.