ASTech Awards pilot seeks to bring investors to the party

A new program called Alberta Capital Connect is meant to open doors for early-stage companies in addition to celebrating them at this year's ASTech Awards.

"This gives us an opportunity to go one level deeper," said Rus Matichuk, who chairs the boards of both the ASTech Awards and Alberta Capital Connect. "We've had a number of people coming out to the events over the last five years that said, 'We don't see a lot of investors coming to the events,' and we had investors that we called, and they said, 'Well, I'm not sure it's the right place for us.' So, how do we bring those two a little closer together?"

Alberta Capital Connect seeks to close the gap by connecting selected companies to investors, mentors, and advisors through one-on-one meetings and opportunities to get useful, focused feedback. The goal of the free program is not to raise capital, Matichuk told Taproot, but rather to set up companies in the startup-to-Series-A range for success.

"It's to simply create a clear path … where they'll be meeting an investor and then getting some feedback," he said. "Then they can grow their company and potentially follow up with those investors or mentors after the event is over."

Applications are open until Aug. 18 for innovators and advisors, while investors and mentors have until Aug. 31 to register. Innovators are asked to make the case for why they would be a good company to invest in — that is, what makes the opportunity significant and why they are well-positioned to win.

Based on their applications, 35 innovators will be invited to meet with investors and mentors in Calgary in conjunction with the opening ceremonies of the ASTech Awards on Sept. 18. After that, 15 will advance to a second session in Edmonton tied to the ASTech Awards gala on Nov. 6. Investors will choose one of those companies to receive the Breakout Venture of the Year Award at the ceremony.

Although the trajectory leads to an award, that's not the main goal, Matichuk said. "The award is an outcome of a process."

Along the way, the companies will also have access to the specific expertise of selected advisors, who can help with things like legal or financial advice. The heart of the program, however, is to introduce promising companies to people who have experience in investing or offer mentorship that can help get a company to the point where it is investable.

"A good mentor is arguably as important or more important than an investor, because people are always growing their companies, but they're not always necessarily getting investment," said Matichuk, referring to mentors as "the been-there, done-that guys."

The founding advisory board of Alberta Capital Connect includes Arden Tse of Yaletown Partners; Shaheel Hooda of Sprout Fund; and longtime ecosystem member Lan Tan, among others. Tan emphasized the DIY spirit of Alberta Capital Connect.

"Sometimes, you don't need to wait for a budget, a grant, or formal funding to make something truly magical happen," she posted. "(Alberta Capital Connect) is truly built by the community, for the community. And now, that room is ready for you. If you are a startup, innovator, or investor looking for genuine connection in the Alberta ecosystem, we would love to have you."

The ASTech Awards have been recognizing excellence in science, technology, and innovation in Alberta since 1989. Technology Alberta took over the program in 2022. In addition to Alberta Capital Connect, Technology Alberta is also introducing something it calls Landing Pads, making innovation spaces such as Sparrow Cowork in Edmonton and Intrinsic Innovations in Calgary available.

The finalists for this year's ASTech Awards are to be unveiled this month. Early-bird tickets to the opening ceremonies in Calgary are available until Aug. 18.