FedEx Ontario funds entrepreneurship $ 4.73 million

In the face of the global chip shortage, VentureLab Hardware Catalyst Initiative (HCI), Canada's only lab and incubator for the development and commercialization of hardware and semiconductor solutions, has received $ 4.73 million in additional funding from the Federal Development Agency for Southern Ontario. FedDev Ontario) to expand its scope.

The fund will allow the lab to virtualize and expand its testing capabilities, expanding its reach beyond Ontario and supporting innovators around the country.

“In 2019, the industry generated revenue of $ 210 billion. And today, in light of COVID-19 and the rapid digital change that has driven the epidemic, we know that the sector is only going to grow, and it is going to help us be more flexible, more sustainable and more digital. Economy, ”the Honorable Mary Ng, Minister of Small Business and Export Promotion and Member of Parliament for Markham-Thornhill said during the announcement of the funds. "And to do so, and to support Canadian businesses driving this innovation, we need a strong base of domestic semiconductor firms."

HCI Lab opened in February 2020, hosting a $ 5 million investment from the Government of Canada as well as the first collaboration of innovators. Since then, the lab has doubled in size and acquired around 25 international commercialization and manufacturing technology partners from the semiconductor space. These partners contribute multi-million dollar in-kind, equipment and expertise that increases investment made by the Government of Canada.

Announced new fog

HCI Lab announced its second collaboration with eight companies during the funding announcement. Minister Ng hosted a panel discussion with one of the three founders of Cohart: Drs. Joseph Ma Biionic-I, Brent Downey of Urban Stall and Natalia Mikhailova of Weyer.

Downey noted that it is all too easy for the founders to remain wrapped up in the technical components of their work in that they ignore the business side, and where HCI's mentors are beneficial.

"It's really interesting that HCI mentors come to us and ground us, and see the fit of the market, to see different investment opportunities and the networks that are within those worlds," he said. “From the perspective of risk management, as he mentioned, he has worked in these places for so many years that can really advise us, to fix our designs and drive our innovations in the right directions, and really Let's target them to tailor and correct them. Market. Places that otherwise take us a long time to move, make mistakes on their own, and often have to be pivoted. We as the founders are almost avoiding those pitfalls. "

Melissa Chee, President and Chief Executive Officer of Enterprise LAB

Machailova Brief.

“It is really valuable to have these experts on our team and to advise on how to think through that entire lifecycle of product development. We are very much looking forward to going through this process.

Ma, whose company has already commercialized a product despite being pivoted after the COVID-19 hit, noted that COVID-19 has greatly accelerated digitization of healthcare. "Medicine is indeed ripe for a revolution, both from the hardware side and the software side."

He points out that the epidemic has accelerated the slow development of devices such as remote sensors for telehealth use.

"It's fundamental because hardware is fundamental to all software innovations," he said. "So you're out there that's