Alberta invests $ 35 million in business accelerators to drive growth in tech sector
Four business accelerators come to Alberta to provide local tech startups with education, mentorship, networking opportunities and access to capital.
Maintaining business accelerators is part of the province’s goal of creating 20,000 jobs and increasing tech company revenues to $ 5 billion by 2030.
“These accelerators will accelerate the growth of Alberta businesses, attract investment that creates jobs and diversify the economy,” Doug Schweitzer, Minister of Jobs, Economy and Innovation said in a statement.
A consortium led by Alberta Innovates, called the Alberta Scaleup and Growth Accelerator Program, is spending $ 35 million over three years on accelerators.
500 Global is a venture capital firm that invests in fast growing technology companies. According to the provincial government, its portfolio consists of 33 companies valued at over $ 1 billion and 120 companies valued at over $ 100 million.
The second accelerator, the Alberta Pre-Accelerator, is a partnership between Platform Calgary and Innovate Edmonton. It will offer business support and advice to entrepreneurs, with “special attention” to recruiting coaches and mentors who reflect Alberta’s diversity, according to the government.
The Community Safety and Wellbeing Accelerator is aimed at growing businesses in the community safety and wellbeing space through artificial intelligence and machine learning. The program, through the Alchemist Global Accelerator, will work with the Edmonton Police Foundation.
Plug and Play Alberta’s goal is to address global energy and natural resource challenges by combining ideas from different sectors and countries.
The consortium supporting the accelerators includes not only Schweitzer’s ministry, but also Opportunity Calgary Investment Fund and Prairies Economic Development Canada.