Alberta injects additional $5-million into tech startup fund

Source: Jeff Labine · EDMONTON JOURNAL · | October 19, 2020

Doug Schweitzer, Alberta's new minister of Jobs, Economy and Innovation, announced Monday an additional $5-million for tech start-up companies. PHOTO BY JIM WELLS/POSTMEDIA

The Alberta government is topping up its tech startup funding program by an additional $5-million.

Alberta Enterprise Corporation (AEC) announced Monday that the Accelerate Fund would expand from $10-million to $15-million with the goal of supporting tech companies and entrepreneurs during their initial early stages. The government earmarked $175-million to AEC, a Crown corporation, earlier in the year.

The funding matches money raised through angel investing to help cover operational and administrative costs during the launch of a new business. Generally, the fund provides up to $500,000 to selected startups. The province anticipates the funding will help create more than 4,000 jobs.

“This investment is about creating jobs for Albertans, high-value jobs for Albertans right here at home,” AEC CEO Kristina Williams said. “It is also about creating a technology solution for the future. In the short run, companies funded by Accelerate Fund will create products that will help Albertans. In the long run, this is about building an economy for the future.”