By Mack Male
"Our city is demonstrating to the local startup and scale-up community that their businesses remain paramount to our economic future – and to Edmonton's future accelerators that they merit significant local investment," said Innovate Edmonton CEO Catherine Warren, who recently spoke to Taproot about her first four months on the job.
Alberta Innovates issued a request for proposals in March aimed at attracting and developing new business and technology accelerators in Alberta and said it will invest up to $25 million over three years in three or more accelerators. Applications closed on April 30 with the winners expected to be selected in mid-June.
The new funding, which is in addition to Innovate Edmonton's $5 million in core funding, will be allocated to accelerators based in Edmonton that are selected for the Alberta Innovates opportunity.
The push for accelerators is expected to result in 900 new tech companies, 2,000 new jobs, and $5 billion in revenue by 2030 across the province.
"We assessed the (Alberta Innovates) opportunity, undertook discussions with partners and ultimately came to the determination that council needed a chance to assess the opportunity for support as well," Warren told Taproot. "We went to council and the decision was made to support the accelerator ecosystem in this manner to help make Edmonton more competitive for attracting global accelerators."