IBM and ventureLAB recently debuted the IBM Innovation Space-Markham Convergence Centre in Markham, which will serve as a hub for companies to step up development and economic growth in York Region and the greater Toronto area.

The hub, which is part of IBM’s Innovation Incubator Project, is a $54 million project started by the province of Ontario, IBM and Ontario Centres of Excellence. It is designed to support “made in Ontario” innovation by furthering the commercialization process.

The hub will be located at the IBM Canada headquarters in Markham and will provide a space for IBM and ventureLAB’s developers, startups, entrepreneurs, funding agencies, researchers, experts and mentors to come together. Their purpose will be to assist companies with faster development and in turn help the economic growth of the region.

“The IBM Innovation Space-Markham Convergence Center will be an open environment where fresh ideas are combined with the maturity of big business,” Pat Horgan, IBM Canada’s vice president of manufacturing, development and operations, said in an announcement.

“By working shoulder to shoulder with young enterprises, developers and entrepreneurs, we are also helping to transform industries,” Horgan said. “These companies are identifying opportunities that will disrupt the status quo and ultimately improve the lives of Canadians.”