Calgary technology and innovation sector receives $22.3-million in funding
Posted Mar 18, 2022 5:36 pm.
The federal government has announced that Calgary’s tech and innovation sector will be receiving a funding boost.
To help the sector, the feds said Thursday more than $22-million in interest-free repayable funding would be provided through the Prairies Economic Development.
Fantastic investment announcement; @PrairiesCanEN invests $22.3 million in interest-free repayable funding to support the scale-up of 13 leading-edge Calgary tech companies.https://t.co/0HLTzDWBPI @bradparry @PlatformCalgary #neweconomy #yyctech pic.twitter.com/sTgxs1dmIW
— Calgary Economic Dev (@calgaryeconomic) March 17, 2022
This investment will be provided to some of Calgary’s fastest-growing tech companies to support scaling-up and help enter new markets.
According to a statement from the federal government, this support is being provided to 13 leading-edge Calgary businesses that are expanding and producing innovative goods, services, and technologies to meet global demand. This investment will also help Canada meet its commitment to reach net-zero emissions by 2050.
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Daniel Vandal, the minister responsible for Prairies Economic Development, says the funding is expected to help create 1,000 high-value jobs.
Vandal adds that the investment will include $2-million to help complete the Platform Innovation Centre located downtown. This space is intended to be home to nearly 60 service providers and business accelerators “that give Calgary entrepreneurs and small- and medium-sized businesses a one-stop-shop of programs, mentoring, networking and access to capital.”
The centre will also boost the local economy with up to 750 companies receiving support and the creation of 250 jobs over the next couple of years, says Vandal.
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President and CEO of Calgary Economic Development, Brad Parry says this investment will help catapult local technology companies to global markets.
“Calgary is a city of innovators and the support from PrairiesCan and Platform Calgary will help more of our ground-breaking companies scale their solutions to global challenges,” said Parry.
“It is critical that promising local companies have the ability to reach global markets and this investment is an example of why Calgary is a top tech city to launch and expand transformative technology,” says Parry.
