Government Announces Five-Year Investment Plan for University of Alberta, Innovate Calgary

The Government of Canada’s is investing in the University of Alberta.

The Honourable Rona Ambrose, Minister of Health, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), announced that the school—through its affiliation with TEC Edmonton and in collaboration with Innovate Calgary—will receive up to $6 million in funding over the next five years through the Canada Accelerator and Incubator Program (CAIP) to provide local entrepreneurs with resources and expertise.

“[This] announcement will help ensure Alberta’s promising innovative businesses have the resources they need to grow, innovate and create jobs here in Edmonton,” said Ambrose. “This funding will assist in the strengthening of the business innovation capacity in communities across Canada. By investing in the University of Alberta, our government is supporting accelerators and incubators across the country while strengthening our local community’s business innovation capacity.”

“Business incubators provide a launching-pad for innovation and link entrepreneurs and the marketplace,” added Don Scott, Alberta Minister of Innovation and Advanced Education. “Alberta’s business incubators are also key partners in helping commercialize products in priority areas like health and energy that can grow and diversify our economy.”

In June, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP.

“The Canada Accelerator and Incubator Program, along with support from our other funders including the City of Edmonton and the Province of Alberta, will fundamentally change the commercialization environment for early stage companies,” said Chris Lumb, CIO, TEC Edmonton.

“Through the funding support of the Government of Canada, we are given an opportunity to attract and assist early stage companies in successfully executing their commercialization strategies, accelerate their growth and bring their technologies and products to the global marketplace,” noted Peter Garrett, President, Innovate Calgary.