Alberta tech startups to plug into global innovation system through new business accelerator

Alberta tech startups to plug into global innovation system through new business accelerator

Published: 24-09-2021 14:12:00 | By: Pie Kamau | hits: 1117 | Tags:

Alberta tech entrepreneurs and startups will soon have access to an accelerator with worldwide reach that will help them grow their businesses.

Alberta Innovates chose Plug and Play Alberta as one of four proposals to receive funding under an unprecedented entrepreneurial initiative for Alberta – the Alberta Innovates Scaleup and Growth Accelerator Program (Scaleup GAP). The program is intended to fill a scaleup gap in the province's innovation system by helping local tech companies grow, and to attract global firms and investment to the province.

Plug and Play, headquartered in Silicon Valley, is a tech investor and accelerator firm with an international network of more than 30,000 startups and 500 corporations, and hundreds of venture capital firms, universities and government agencies across multiple industries. Plug and Play invests in more than 200 startups per year globally.

Saeed Amidi, CEO and Founder, Plug and Play: "We are committed to becoming a central pillar of Alberta's economy through establishing and building a long-term presence and an integrated, collaborative system. This will not only attract top technology and investment to the region but will drive innovation and help Alberta entrepreneurs to scale and grow."

Plug and Play Alberta will deliver programs in Calgary and Edmonton and bring ventures from around the world to Alberta. They will offer sector-agnostic and sector-based accelerator programs in digital health and sustainable clean resources across the province, from their main Alberta office in Calgary and a satellite office in Edmonton. In total, the four chosen accelerators, including Plug and Play, will provide services in Alberta with the support of a funding consortium led by Alberta Innovates.

Three orders of government are investing as much as $35 million for the overall accelerator program in Alberta. This includes funding from the Alberta Ministry of Jobs, Economy and Innovation to Alberta Innovates to lead and manage the overall Scaleup and Growth Accelerator Program. The Government of Canada, through Prairies Economic Development Canada (PrairiesCan), has invested to expand funds available to not-for-profit business accelerators. At the municipal level, the initiative will also include Innovate Edmonton and the Opportunity Calgary Investment Fund (OCIF).

Laura Kilcrease, CEO, Alberta Innovates: "Plug and Play has a unique business model that will connect the best startups with international corporations to bring technology to market faster and is a key player in creating syndicated technology investment deals. We are happy to have the power of its networks working for Albertans and our innovation system. Thanks to funding from our government partners, the scope of the scaleup and growth accelerator program and the quality of the global programming is unparalleled for Alberta and a tremendous opportunity."