There’s a tongue-in-cheek proverb that Albertans love to quote, or slap on ironic bumper stickers: “Please God, give me one more oil boom, and I promise not to piss it all away this time.”
This time, Alberta’s energy boom was sparked by something the sector will power, rather than the resources themselves. There are currently dozens of AI data centre projects in various stages of development across the province; Alberta is hoping to draw $100 billion in industry spending, an investment target that has drawn the eye of Canadian tech companies like WonderFi and global giants like Meta.
On a website dedicated to convincing data centre operators to set up shop, Invest Alberta touts a series of shiny lures: the province’s natural gas generation, the promise of fast-tracked regulatory approvals, and claims of being the only deregulated electricity market in the country.
That message is a far cry from Québec, where the province’s hydro utility asked to charge data centres double the going rate to account for increased energy consumption, or BC, which officially launched a process that would force data centres to bid for energy use (a process that sectors like mining and natural gas won’t be subjected to).
Alberta’s strategy will likely provide more compute more quickly, but as Punchcard Systems’ Sam Jenkins told BetaKit this week, it leaves outstanding questions regarding what will be built on top of that infrastructure.
If the province can’t convert the current boom into more jobs, and a more resilient and equitable economy, that old proverb will not disappear any time soon.
Sarah Rieger
Managing Editor
A strategic question founders can’t ignore
Shifting regulatory frameworks are influencing how technology and IP-driven companies approach product structure, risk, and international growth. For some Canadian tech leaders expanding globally, these changes are raising new questions about where and how their companies operate.
TechCayman helps technology companies establish operations in the Cayman Islands, with clear licensing pathways and work permits approved within 10 business days. By removing uncertainty around talent mobility, founders can hire and relocate key team members quickly while operating within a framework trusted by global investors.
Read more to see how the right jurisdiction can support long-term global growth.
Capital concentrates as Canadian VC market narrows: report
Canadian venture capital invested $8 billion across 571 deals in 2025 as capital continued to be funnelled toward fewer companies, according to the Canadian Venture Capital Association’s annual market overview report.
The figure represents a 12-percent decline in deal flows and a six-percent decline in deployed capital, but venture activity did pick up late in the year.
Cohere co-founder Nick Frosst wants to build more Canadian, less Silicon Valley-centric AI
Frosst says that most of the world’s experience of technology is defined by Silicon Valley and the United States—and that “isn’t great.”
He thinks Cohere can play a role in changing the global view of AI, but that doesn’t mean chasing a “digital god.”
This week, the Toronto LLM developer released a family of new multilingual AI models that support more than 70 languages on any device, even offline.
Canada’s defence push
- This week, Prime Minister Mark Carney officially announced Canada’s $6.6-billion Defence Industrial Strategy, which offers a roadmap for domestic industry to benefit from the nearly $82 billion the feds plan to spend on defence over the next five years.
- Space hardware manufacturer MDA Space formally declared itself a player in Canada’s defence industry this week with the launch of 49North, a wholly owned subsidiary exclusively focused on bolstering Canada’s terrestrial national defence priorities.
- BetaKit reporter Josh Scott sat down with Xanadu CEO Christian Weedbrook to get his thoughts on why quantum ought to be a national defence priority, and how he plans to ensure his company remains headquartered in Canada.
- In an op-ed for BetaKit, MaRS Discovery District capital program lead Liam Gill argues that Canada should look to American spending during the Cold War as its blueprint for defence spending.
Sheertex maker will be sold to fellow Québec hosiery company AYK
SRTX, the maker of Sheertex “unbreakable” tights, struck a deal to sell itself to fellow Québec textile manufacturing startup AYK International on Tuesday, following a tough year of layoffs and leadership changes at the company.
AYK is expected to continue the Sheertex brand and use SRTX’s proprietary technology while retaining less than 10 employees post-acquisition, according to SRTX.
Canadian businesses expect more uncertainty as US Supreme Court strikes down Trump’s tariffs
The US Supreme Court ruled Friday morning that President Donald Trump did not have the legal authority to institute most of the tariffs he levied on international products coming into the country.
While some affected Canadian businesses are breathing a bit easier, uncertainty is still in the air as Trump declares that more tariffs are coming through different legal mechanisms.
Q&A: Why Alberta’s data centre strategy is drawing the attention of tech giants like Meta
Alberta’s enthusiasm for data centres has caught the eye of tech giant Meta, whose lobbyists filed a registration to discuss “Alberta’s policy framework for the development of infrastructure related to artificial intelligence” in early February.
BetaKit sat down with Sam Jenkins, CEO of Punchcard Systems, to talk about what Meta sees in the province, how Alberta can capitalize on big tech’s attention, and what Albertans stand to gain or lose in the process.
Québec has a new digital sovereignty plan. Will it work?
The Québec government has an ambitious new plan to take control of the province’s digital sovereignty. But Québec’s track record for modernizing its tech has sent mixed signals to the industry and left taxpayers with a hefty bill.
Wealthsimple named CIX Innovator of the Year
The Toronto FinTech firm is being recognized for its “transformative impact” on Canadian financial services in 2025. Wealthsimple co-founder and CEO Michael Katchen will accept the award on stage and participate in a keynote fireside chat at Elevate’s CIX Summit on March 25.
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The BetaKit Podcast — How to fix the Start-up Visa
“Speed is of the essence. This is a super dynamic marketplace. Canada is losing entrepreneurs, we’re losing the next generation of founders, and we need to do things, quick.”
More than a decade ago, Canada launched the Start-up Visa program to attract entrepreneurial talent from around the world. After years of complaints of delays, fraud, and abuse, the program was suspended while featuring a whopping 10-35 year wait time. Boris Wertz (Version One Ventures) and Lucy Hargreaves (Build Canada) join to discuss what went wrong and what a functional entrepreneurial immigration program might look like.
Markham leads within Canada’s most concentrated ecosystem of technology, research, talent, capital, and innovation.
Global leaders including AMD, IBM, Qualcomm, Honda, Huawei Technologies, Genova, and GM thrive alongside local pioneers advancing AI, robotics, 3D vision, and renewable technologies.
Whether you’re launching, scaling, or expanding, Markham Economic Development connects businesses to the partners, programs, and opportunities that matter.
Connect with our team to discover how Markham can support your next stage of growth.
Feature image courtesy Alberta Newsroom.