The state will hold a conference on high-tech accelerators announced in September

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At a state press conference on Wednesday, key players in the new Technology Accelerator Partnership talked about the rapid growth of Alberta’s technology sector.

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Four technology accelerators were selected from 64 proposals in September and participated in the Alberta Innovates Scaleup and Growth Accelerator Program. Accelerators provide small start-ups with programming, mentorship, networking, access to capital, and other opportunities to help entrepreneurs launch their first sale.

One of the four accelerators is the Alberta PreAccelerator program, a state-wide collaboration between Platform Calgary and Innovate Edmonton. Participating in them are Community Safety and Wellness with 500 Global, Plug and Play Alberta, and Alchemist Accelerator, all rooted in Silicon Valley.

“This is about investing in human resources development, but historically much of this has been done through traditional higher education programs or the Ministry of Labor,” Jobs Economic Innovation Minister Doug Schweitzer said in Edmonton. Said at a press conference.

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“The speed and speed of scaling that can occur here is quite different from any other industry we’ve ever experienced in Alberta. (Entrepreneurs), they grow faster, grow and grow globally. We need that support to help us compete. “

Under the Alberta Innovates Scaleup and Growth Accelerator Program, the four accelerators will receive a total of approximately $ 35 million from federal, state, and local governments to work with local start-ups over a three-year period. ..

According to the state, this was done to offset the cost of accelerators to invest in startups and participate in the program. As these entrepreneurs scale up, affiliated accelerators will also receive some of their profits and growth.

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“The return on investment you get here will show that $ 35 million looks like a decline in the ocean,” said Laura Kilcrease, CEO of Alberta Innovates. “These are powerful organizations not only for what they are doing, but also for the opportunities they bring to participants in their progress.”

The four accelerators were announced on September 23, but Schweizer said Wednesday’s press conference was organized because the state couldn’t hold one at a time.

“Because it was just an announcement, we were able to actually shed a circle of money and (and) move these vehicles,” he said.

The program was created to help state governments achieve their goals of generating revenue for 900 new technology companies, 20,000 jobs, and $ 5 billion technology companies by 2030.

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According to Alberta Innovates, half of all start-ups in the state have survived for more than five years, but only 0.1% are small businesses. Only 2 percent of mid-sized companies grow into large companies.

Deron Bilous, a critic of NDP’s economic development and innovation, is happy to see these accelerators coming to Alberta, but UCP is a program and secondary to help attract investment in startups. He said the previous cuts made on the financing of the company should be cancelled.

Bilous said in a news release that it has made it difficult for these companies to find a skilled workforce by abolishing Alberta Investor Tax Credit and Interactive Digital Media Tax Credit and reducing funding to post-secondary agencies by more than $ 700 million. Said. I need to grow.

“These re-announcements are positive news, but UCP needs to help these companies reverse cuts, diversify their economies and create jobs.”

bgervais@postmedia.com

twitter: @BrittGervaisAB