Business Accelerator Program Highlights its Success

NEWS RELEASE

EDMONTON, ALBERTA, July 25, 2023 – Alberta Innovates is looking back at the impact and success from the first two years of the Alberta Scaleup and Growth Accelerator program (Scaleup GAP). Early data shows that the accelerators are on track, performing as expected and providing critical accelerator services to entrepreneurs, innovators, and small and medium-sized businesses.

169 Alberta companies have received services from one of the two pre-accelerators, preparing them to progress to the global acceleration services. 65 Alberta companies have graduated from one of the four global accelerators. Alberta companies have started to create economic impact, including:

• $147.5 million investment raised,
• 118 new jobs created,
• $12.4 million in company revenue growth created.
• 111 non-Alberta companies have been introduced to Alberta from around the world, leading to six of those companies registering their businesses in Alberta after completing one of the accelerator programs.

Scaleup GAP provides end-to-end business support services for growth-oriented companies just starting out who are fleshing out their business plans all the way to organizations who need advice or investment to help them grow globally. Five accelerators were brought to Alberta in 2021/2022 to bridge the scaleup gap, including Alberta Accelerator by 500, Plug and Play Alberta, Telus Community Safety and Wellness Accelerator powered by Alchemist, Thrive Canada Accelerator and Alberta Catalyzer, an early-stage pre-accelerator.

The global accelerators assist Alberta businesses:

• Address scale-up gaps to help Alberta, Canadian and global ventures to scale and grow and contribute to a thriving innovation ecosystem in Alberta.
• Diversify Alberta’s economy by supporting entrepreneurship and innovation in new technology areas that will create high-quality jobs throughout the province.
• Drive Alberta’s global innovation mindset by attracting global technology firms and investment to Alberta via a world-class acceleration ecosystem.

Quotes

“Small- and medium-size businesses are the backbone of our economy and create jobs for Canadian workers. The technology sector is burgeoning and our government is assisting these businesses by answering their calls for help to accelerate their development and growth. The investments made over the last year through the Alberta Scaleup and Growth Accelerator program are positioning Alberta tech firms to take their place on the leading edge of Canada’s innovation economy.” 

The Honourable Dan Vandal, Minister for PrairiesCan 

“The Alberta Scaleup and Growth Accelerator program brings together the local business community to celebrate made-in-Alberta solutions. This program is an important part of our province’s innovation ecosystem and provides a platform for entrepreneurs to scale up their ideas, create good paying jobs, and diversify our local economy. Congratulations to all the businesses and entrepreneurs who completed the program. You are propelling Alberta in the driver’s seat of innovation.”

The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance

"There has never been a more exciting time to be in tech in Alberta than today. In fact, Alberta has more tech companies today than ever before. That means more and more early-stage companies are growing, maturing, and successfully commercializing their technologies in Alberta. I look forward to following the work of our Accelerator programs in the coming months and years as we continue to build one of the strongest tech sectors in Canada." 

Minister Nate Glubish, Technology and Innovation 

“Alberta Innovates is pleased with the progress of the Accelerator programs over the past year and a half. The work they’re doing is already paying off through investments, job creation, and wealth that will stay in Alberta. By laying the groundwork now, we ensure that companies who grow and mature in Alberta have access to training and capital today and into the future.” 

Laura Kilcrease, CEO, Alberta Innovates 

“With the Edmonton Unlimited Accelerator Fund, we have attracted world-class, Silicon Valley accelerators to our city, supercharging tech-enabled companies as part of the Alberta Scaleup and Growth Accelerator. By providing crucial support and investments, we connect local innovators to global networks, boost deal flow, and position Edmonton as a thriving innovation capital, contributing to a 96 percent growth in our ecosystem value since 2022.” 

Catherine Warren, CEO, Edmonton Unlimited 

“Calgary’s tech and innovation scene is rising in global ranks. With access to accelerators through the Scaleup GAP program, bright minds can scale big ideas to the size of their ambitions in Alberta. When we invest in our visionaries, our community welcomes net-new jobs, attracts investment and experiences growth across diverse industries.”  

Brad Parry, CEO, Opportunity Calgary Investment Fund 

Background

The Alberta Scaleup and Growth Accelerator Program is run by a consortium led by Alberta Innovates. The consortium also includes the Government of Alberta, Prairies Economic Development Canada (PrairiesCan), The City of Edmonton, through Edmonton Unlimited, and the City of Calgary’s Opportunity Calgary Investment Fund allocated $35 million over three years to retain business accelerators. It’s part of the Alberta government’s goal to help create 20,000 jobs and increase technology firm revenue to $5 billion by 2030. 

Alberta Innovates is the province’s most comprehensive research and innovation agency. From funding to commercialization, we are Alberta’s innovation engine. We foster and accelerate research and innovation to benefit citizens and drive economic growth. We are currently managing a project portfolio worth $1.2 billion. Alberta Innovates works across sectors to fund, partner and enable entrepreneurship throughout the province. The corporation operates in 11 locations with more than one million sq ft of industrial testing and lab facilities and 600 acres of farmland. Alberta Innovates employs 596 highly skilled scientists, business and technical professionals and has an annual operating budget of $253 million.  

Learn how Alberta Innovates.