File photo of Minister of Jobs, Economy and Innovation Doug Schweitzer. (Government of Alberta)

By Justin Goulet/LethbridgeNewsNOW

Province outlines strategy to help tech and innovation sector grow

Apr 12, 2022 | 1:36 PM

CALGARY – The provincial government has released its strategy to boost the technology and innovation sector, create jobs and diversify the economy.

The Alberta Technology and Innovation Strategy is a part of Alberta’s Recovery Plan and aims to create 20,000 new jobs. Another goal is to help technology companies in the province generate an additional $5 billion in annual revenue by 2030.

Budget 2022 allocates $73 million in new funding, spread out over three years, for the Alberta Technology and Innovation Strategy. The province noted that more information on how this funding will be allocated will be shared in the coming months as initiatives are finalized.

Doug Schweitzer, minister of jobs, economy and innovation said, “Alberta’s technology sector is already seeing record growth, and now is the time to build on that momentum.”

“We’re taking action to establish Alberta as a global leader, taking bold steps that will transform industries, develop new opportunities for our province and set Alberta above the rest.”

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The Alberta Technology and Innovation Strategy builds on several supports already announced for the industry, including the Innovation Employment Grant, the $175 million recapitalization of the Alberta Enterprise Corporation, the Alberta Advantage Immigration Program Accelerated Tech Pathway, and the launch of the Scale-up and Growth Accelerator Program by Alberta Innovates.

Laura Kilcrease, chief executive officer of Alberta Innovates stated that, “Albertans have always been focused on innovation and technology as a path to growth and opportunity.”

“The Alberta Technology and Innovation Strategy reflected a pan-Alberta view of existing advantages and strengths as well as new opportunities on the horizon.”

Actions and initiatives identified in the strategy align with five key goals:

• Build a strong future-ready workforce and enhance Alberta’s pool of tech talent.
• Attract the capital and investment that technology businesses in Alberta need to get off the ground and grow.
• Ensure the right supports are in place to help turn Alberta’s innovative research and technology solutions into products and services that address a global need.
• Optimize Alberta’s technology and innovation ecosystem so that Alberta’s groundbreaking companies can push the limits of what the future can be.
• Let the world know Alberta is open for business and has what it takes for technology and innovation to thrive.

Officials note that the Government of Alberta worked with a broad range of people and organizations, including industry and post-secondary institutions, to inform the strategy.

The province will work with other orders of government, as well as those working in the tech sector, to carry out the actions in the strategy.

Data from the Alberta Enterprise Corporation’s 2021 Alberta Technology Deal Flow Study shows that there are currently 3,083 tech companies in the province, most of which operate out of Calgary and Edmonton. Additionally, according to the Venture Capital Association of Alberta (VCAA) and the Canadian Venture Capital and Private Equity Association (CVCA), the province posted another record year for venture capital investment. In 2021, Alberta saw a 64.2 per cent increase in deal count, compared with 2020.

More details about the Alberta Technology and Innovation Strategy are available through the Government of Alberta’s website.