$ 5 Million Tech Accelerator Fund launched in Edmonton
Local tech companies will prepare for faster growth thanks to a new fund created by the City of Edmonton and Innovate Edmonton.
The city council recently approved $ 5 million for Innovate Edmonton, which will be allocated to technology accelerators. The new fund will support startups and scale-ups in Edmonton by enhancing coaching, investment readiness and sales channels for technology companies.
“Edmonton has a rich foundation on which to build the next generation of business accelerators that will nurture and accelerate start-ups and small and medium-sized innovators,” said Edmonton’s Mayor Don Iveson in a press release.
“The city council vote underscores Innovate Edmonton’s commitment to support job creation and business development, and we stand ready to diversify the province’s economic base.”
“The city council has acted decisively to allocate this critical $ 5 million for innovation, diversification and growth,” added Catherine Warren, CEO of Innovate Edmonton, who advocated the new fund.
“Our city is showing the local start-up and scale-up community that their businesses remain paramount to our economic future – and the future accelerators of Edmonton that they deserve significant local investment.”
The new $ 5 million fund also represents a push to accelerate business across the province. Alberta Innovates, the provincial crown company promoting provincial innovation, has launched a $ 25 million RFP to develop new business and technology accelerators.
Eligible applicants include local accelerators with a proven track record or international accelerators planning to settle in Alberta. The provincial winners will be selected in mid-June and those who are in or arriving in Edmonton will continue to receive support through the new community fund
According to the press release, Innovate Edmonton is tasked with evaluating the Edmonton-specific performance metrics of the provincial RFP’s successful accelerator bids and then distributing the funds transparently and fairly.
Alberta Innovates says they expect these accelerator pressures will create 900 new young tech companies, 2,000 new jobs, and $ 5 billion in technology sales across the province by 2030.
“This funding news couldn’t come at a better time,” said Nicole Janssen, co-CEO of AltaML and board member of Innovate Edmonton, in the announcement. “Edmonton’s tech community will be a cornerstone of post-pandemic recovery, and this new fund will accelerate local businesses and spark the vibrancy of downtown.”