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By Sarah Jones/LethbridgeNewsNOW

Alberta tech industry thriving during the pandemic

Apr 22, 2021 | 2:52 PM

LETHBRIDGE, AB – Kristina Williams, CEO and President of Alberta Enterprise Corporation (AEC), has revealed its findings from the Alberta Technology Deal Flow Study.

It reports that the number of technology companies has more than doubled in nine years.

This year, over 3,000 tech companies are thriving within the province, with 58 per cent located directly in Calgary and 30 per cent in Edmonton.

The technology industry has had rapid growth in the past two years.

Companies with over 25 employees in 2019 saw an increase of 13 per cent to 25 per cent. Almost 40 per cent of companies exceeding revenues of one million dollars, representing an increase of 66 per cent from 2018.

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Williams says that Alberta has seen record-breaking capital investments in the province.

“These milestones demonstrate that our technology sector is resilient and has growth momentum. Investors are choosing to invest in Alberta’s founders and those women and men are successfully starting and growing innovative companies here.”

Among the data AEC collected, they focused closely on the diversity of company founders.

The 2021 report showed that 30 per cent of tech companies in Alberta had a female co-founder, placing it ahead of the global average of 20 per cent. As well as almost 50 per cent of start-up founders are identifying as visible minorities, making the tech industry in Alberta a diverse environment for all.

Minister of Jobs, Economy, and Innovation Doug Schwitzer, announced that the tech sector is no longer an emerging industry but a rapidly maturing one.

“It is now a real driver of employment and diversification. We don’t just want to be a player in Canada’s tech space – we want to become a dominant player going forward.”

This is the fourth study AEC has done on this topic since 2012.