Innovate Edmonton is partnering with the provincial and federal governments to fund three new world-class accelerators: Alberta Accelerator by 500, Plug and Play Alberta, and the Community Safety & Wellness (CSW) Accelerator powered by Alchemist.
"Innovation is a team game and accelerators bring people together to create global opportunities, open international sales channels, boost significant investment, and position Edmonton's entrepreneurs on the world stage," Catherine Warren, CEO of Innovate Edmonton, said in a news release.
The newly announced global accelerators for startup and scaleup businesses will aim to help Edmonton entrepreneurs create jobs and contribute to a more vibrant downtown by drawing businesses and innovators back to the city's core.
At the same time, Innovate Edmonton is also launching the Alberta Pre-accelerator in partnership with Platform Calgary, with a new suite of programs for early-stage founders.
The City of Edmonton is contributing $5 million. In total, funding for the initiatives from the three levels of government is $35 million.
The accelerators are expected to create 270 new emerging technology firms, 6,000 new jobs, and $1.5 billion in technology revenue by 2030.
"Accelerators are key to nurturing and expediating business growth. Our investment in these accelerators will create jobs, attract investment and strengthen Edmonton's economy," said Mayor Don Iveson.