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The Government of Alberta is betting on tech.
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As a part of Alberta’s Recovery Plan, the province has announced it will invest $18.7 million over three years in the eight regional innovation networks (RINs) to foster and support high-potential startups and entrepreneurs, help diversify the economy, and create jobs.
“Alberta has some of the most ambitious and industrious entrepreneurs anywhere. We want to ensure they can get connected with regional innovation networks where they can draw on world-renowned business and technical experts to accelerate the growth of their businesses, diversify the economy and create jobs,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation.
RINs started as part of the 2008 provincial Action Plan for Bringing Technology to Market. Their purpose is to connect and provide support to more than 1,600 technology entrepreneurs from around the province every year. Originally, there were three such networks. Today, there are eight. These community-based organizations have helped 7,000 innovators, entrepreneurs and companies, leading to 354 new innovations to date.
Each RIN helps small and startup technology firms bring their products and solutions to market. They do this by creating a network of programs and services to accelerate the growth of technology-based and knowledge-based businesses. They provide small and medium-sized enterprises with coaching, business advice, technical expertise, connections, and access to capital.
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“Through the regional innovation networks, Alberta Innovates has brought together the power of a network of strong regional supports across the province to create opportunities for small and medium-sized enterprises, entrepreneurs, and innovators to be successful,” said Laura Kilcrease, CEO, Alberta Innovates.
The $18.7 million will be distributed as follows: Calgary Innovation Coalition ($6,946,000), Central Alberta Regional Innovation Network ($1,638,000), Edmonton Regional Innovation Network ($4,888,500), East Central Alberta Regional Innovation Network ($787,500), Wood Buffalo Regional Innovation Network ($735,000), Grande Prairie Regional Innovation Network ($778,500), APEX: Southeast Alberta Regional Innovation Network ($1,785,000), and The Regional Innovation Network of Southern Alberta ($1,171,700).
Each community has a governance committee deciding how the program funding will be used to best reach its desired outcomes. Members of the governance committees include local members from post-secondary institutions, community futures, local economic development offices, tourism, and entrepreneurs.
“The regional innovation networks throughout the province are like the central nervous system of the startup ecosystem in Alberta. Organizations that participate in the RINs are dedicated to building a diverse economic landscape in Alberta by breaking down barriers for entrepreneurs in the province, which is especially important to those who are outside of urban centres. The RINs are there to listen to entrepreneurs and respond to their needs. There is a real sense of collaboration to build new relationships on behalf of innovators, to cross-deliver programs, and to share learnings or best practices that make each RIN stronger,” said Madeline Kendrew, Director of Academy, Platform Calgary.