Scaleup accelerators provide opportunities for Alberta innovators
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$25-million to support technology and business accelerators across province
Alberta Innovates, the crown corporation for the Government of Alberta that promotes innovation in the province, is issuing a request for proposals (RFP) for the development of business accelerator(s) to vault Alberta’s promising start-ups and small and medium technology companies through scale-up and growth faster.
Alberta has a scale-up gap. While half of all start-ups survive over five years, only 0.1 per cent of small firms become mid-sized, and only two per cent of mid-sized firms become large. Alberta Innovates is seeking three or more technology/business accelerators to address the scale-up gap and help Alberta startups and Small to Medium Sized Enterprises (SMEs) to scale and grow and contribute to a thriving innovation ecosystem in Alberta.
“Our goal is to make Alberta a hub for high growth entrepreneurial businesses and recognized as an attractive place for technology investment. We want to help companies scale – not just to become $5-million or $10-million companies – we want to see companies get to $100 million or more,” says Laura Kilcrease, CEO, Alberta Innovates.
This RFP is also intended to expand Alberta’s global innovation mindset by attracting global technology firms and investment to Alberta via world class acceleration and ecosystem. Selected accelerators will also help to diversify Alberta’s economy by supporting entrepreneurship and innovation in new technology areas that will create high-quality jobs throughout the province. This will contribute to 900 new junior technology firms, 20,000 jobs and $5 billion in technology firm revenue in the province by 2030.
Up to $25 million in funding is available for a three-year contract for three or more accelerators (with an option to extend for an additional two years). Alberta Innovates will consider both private and not-for-profit acceleration models.
The RFP is open until April 30, 2021. Full details can be viewed on the Alberta Purchasing Connection website.