The Alberta Enterprise Corporation (AEC) has announced an additional investment of $5 million into its government-mandated Accelerate Fund, thereby expanding the total funding available from $10 million to $15 million. The primary goal of the program is to support tech startup businesses and entrepreneurs during the early stages of their innovative projects.
“This investment is about creating high-value jobs for Albertans. It is also about creating a technology solution for the future. In the short run, companies funded by Accelerate Fund will create products that will help Albertans. In the long run, this is about building an economy for the future.”
– Kristina Williams, Chief Executive Officer of Alberta Enterprise Corporation
With funding assistance through the Accelerate Fund, eligible recipients can better focus on project challenges rather than financial struggles they may face while coordinating the first steps of their project. Furthermore, the Alberta Enterprise Corporation believes that this funding will increase Canada’s innovation in technology on a global scale and also help in the creation of more than 4,000 jobs throughout the process.
What is Alberta’s Accelerate Fund for Tech Startups?
The Accelerate Fund encourages collaborative initiatives between angel investors and government funding to substantially increase the total investment provided towards an upcoming project. With a focus on providing financial aid towards accelerating and increasing the early growth of innovative research and development technology projects throughout Alberta, the allocated funding bridges the gap for startups that are highly motivated, but lack the initial capital to progress their project to fruition.
“The innovative technology companies are in every element of society, every element of business from today forward.”
– Doug Schweitzer, Minister of Jobs, Economy and Innovation
According to the program’s funding guidelines, an ideal situation would involve an innovative startup that has two or three angels already devoting an amount of $250,000 each, but still needs an additional $250,000 to meet project goals. The Accelerate Fund then provides the matched investment, thus seeing leverage of four times the initial investment.
To be eligible for the Accelerate Fund, tech startups must be private businesses, incorporated in Canada, and have a head office with more than 50% of employees officially residing in Alberta. Chosen applicants typically, but not exclusively, focus on fast-growing projects concentrating on energy technology, information and communications technology, life sciences, agriculture, and/or biotech.
Government Funding for Innovation in Technology
If your business is located in Alberta, meets the program’s eligibility criteria, and is looking to receive financial funding support towards an innovative tech project, you may want to learn more and apply to the Accelerate Fund.
For information on alternative provincial and federal funding programs geared towards innovative projects, make sure to visit our Research and Development Funding for Business Innovation page to learn more about how government funding can help Canadian businesses meet their innovation goals.
Want to stay up to date with new government funding programs, news, and updates? Make sure to sign up for our free Weekly Funding Newsletter that will be emailed straight to your inbox every Monday morning.