VentureLab CEO Hugh Chow leaves hard tech incubator after three years

After just over three years at the helm, Hugh Chow has left as CEO of Markham, Ontario-based hard technology hub VentureLab.

The news: Chow officially left on Oct. 16, and Sep Assadian, VentureLab’s former vice-president of founder success, has since assumed the role of interim president and CEO. According to an email from Assadian that was shared internally on Monday afternoon and viewed by BetaKit, Chow is leaving the hardware and semiconductor-focused incubator for undisclosed “personal reasons.” Assadian, who has been with the hub for nearly a decade, revealed in a LinkedIn post late Monday night that VentureLab’s board asked him to step into this position, and VentureLab’s website has been updated accordingly.

From the source: “Canada is at a moment that demands more of us,” Assadian wrote on LinkedIn. “To strengthen our economy, our industry, and our sovereignty, we need a stronger, bolder VentureLab and … stronger, bolder stakeholders and ecosystem around it.” When reached by BetaKit over email, a VentureLab spokesperson said, “We thank [Chow] for his leadership while wishing him well in his future endeavours.” BetaKit has also reached out to Chow for comment, but he had not responded by publication time. On Thursday, following the publication of this story, Chow posted publicly for the first time regarding his departure, noting on LinkedIn he “could not be more proud” of what VentureLab accomplished during his time as CEO and “the time is right” for the hub to move forward “under a different leadership.”

The context: Born and raised in Hong Kong and educated as a microchip designer, Chow began his career in Canada, working at pioneering Markham-based semiconductor firm ATI Technologies (which was acquired by American giant Advanced Micro Devices) before launching his own chip company, ViXS Systems, which he took public on the Toronto Stock Exchange and sold to US-based Pixelworks after he left. Following a reported stint as CEO of embattled Vancouver incubator Istuary Innovation Group, Chow went on to serve as Hong Kong Applied Science and Technology Research Institute CEO.

Chow took on the top job at VentureLab in September 2023, succeeding Melissa Chee and Matt Skynner. At the time, he told BetaKit that while he thought VentureLab had done a great job regionally, he saw room for it to extend itself more globally and connect Canadian startups with partners and investors around the world. He simultaneously retained and, according to his LinkedIn profile, continues to hold other roles at Hong Kong-based firms like Radiant Tech Ventures and MICAS Group. As VentureLab CEO, the spokesperson said Chow played an “instrumental” role in expanding VentureLab’s global network, driving industry partnerships, and developing its HardTech Investor Network. Chow wrote on LinkedIn that post-VentureLab, he plans to spend more time with family and friends, and focus on public service and giving back.

Final thought: Assadian knows the incubator well. He has been with VentureLab for more than nine years, where he told BetaKit he has helped turn founders’ needs into practical programs while building “a deep understanding” of VentureLab’s “people, partners, and operations.” Under his leadership, Assadian claimed VentureLab’s vision will remain “unchanged” as it stays “founder-first” and works with its public and private partners and others to expand its services for startups and scaleups across York Region and Ontario.

UPDATE (10/23/26): This story has been updated to include public comments from VentureLab CEO Hugh Chow.

Feature image courtesy VentureLab.