Alberta IoT has received $1.5 million from Prairies Economic Development Canada (PrairiesCan) and Alberta Innovates to support the growth of companies developing technology related to the Internet-of-Things (IoT).
The Government of Canada is investing $970,000 through PrairiesCan, a regional development agency dedicated to supporting business, innovation and community economic development in Alberta, Saskatchewan, and Manitoba.
PrairiesCan’s contribution will be allocated towards Alberta IoT’s Fast Track Business Accelerator and New to Canada Startup Visa programs over the next three years.
Along with Pacific Economic Development Canada (PacifiCan), PrairiesCan was introduced last year to replace the Western Economic Diversification Canada agency, which opened on August 4, 1987.
Formed in 2019 by a group of IoT-associated companies, Alberta IoT is a not-for-profit organization that aims to support the growth of Alberta’s IoT and emerging technology sectors. Alberta IoT is led by executive director Brenda Beckedorf, who was previously the vice president of Calgary Women in Energy.
Since its launch, Alberta IoT has introduced two accelerator programs dedicated to scale IoT companies. The Fast Track program was created for established businesses in Alberta to gain access to resources and increase collaboration between sectors.
Similarly, the New to Canada initiative offers mentorship and training to companies, but it’s unique in that this program focuses on businesses that have generated over one million dollars in revenue and have been in business for at least one year. New to Canada was also specifically created to aid in their participants’ plans for their expansion in the North American market.
In addition to financing Alberta IoT’s flagship programs, a portion of the $1.5 million government grant will also fund the Alberta Science Park, a new initiative led by Alberta IoT that provides industries with the ability to collaborate with post-secondary institutions and with different sectors.
Alberta Innovates’ contribution is only the most recent funding doled out by the provincial government to stimulate innovation across Alberta’s tech sector. Last month, the province revealed its $30 million innovation strategy with the goal to create 20,000 new jobs in the province and help Alberta tech companies generate $5 billion more in annual revenue by 2030.
The Alberta government also recently announced plans to launch an internal artificial intelligence lab, meant to create technology and provide work experience to graduates.
Photo by Alex Pugliese via Unsplash.