Alberta Innovates to diversify province’s economy
Researchers and entrepreneurs will have more agile support in responding to economic challenges and opportunities as the new Alberta Innovates Corporation launches today.
The crown corporation consolidates four previously existing Alberta Innovates corporations through the proclamation of the Alberta Research and Innovation Amendment Act.
Alberta Innovates will continue to fund and drive provincial research and innovation â€“ building on Albertaâ€™s strengths in health, environment, energy, food, forestry/fibre, and emerging technology sectors.
“We need to build an economy for the future. A consolidated Alberta Innovates will do even more to support our world-class researchers, entrepreneurs and academic institutions as we work together to create jobs and diversify our economy.”
Deron Bilous, Minister of Economic Development and Trade
“Alberta Innovates is dedicated to catalyzing a strong innovation ecosystem that delivers 21st century solutions to Alberta’s most compelling opportunities and challenges.”
Judy Fairburn, Chair, Alberta Innovates Board of Directors
The consolidation will also help ensure Albertans receive the best return on their investment in research and innovation, the minister said. The corporation’s new executive moves from 20 to 11 positions, saving $2.5 million a year. The reduction comes with a one-time $1.5 million severance cost.
A subsidiary corporation to Alberta Innovates, InnoTech Alberta Inc., also launches Nov. 1. It will provide research services to help test new technology on a larger scale across the province.