At their core, successful ecosystems need three key ingredients: talent, capital, and customers. In addition to these, we need a support network to ensure the best outcomes from start-ups to commercial and scaled ventures.
This includes regional innovation organizations, mentorship and support programs, accelerators and incubators, and enthusiastic support from the government and policymakers.
Getting this right builds a jurisdiction’s brand and reputation as a centre for innovation and technology, and positions it to attract the talent, capital, and customers necessary to build great companies and, ultimately, drive shared prosperity.
Alberta has significant potential to grow its innovation ecosystem and contribute to new job creation and investment during the post-COVID-19 recovery.
This report outlines the critical steps for businesses and governments to take in order to enhance Alberta’s innovation ecosystem and build thriving businesses.
The conversion from potential to prosperity requires a bold commitment. Alberta has the raw material that can be translated into the next generation of wealth creation in this province, but it must be properly supported.
The start-up economy now is the number one source of global economic growth. It makes up 4% of the global economy, is valued at $2.8 trillion and is growing at a rate of 10% each year.
Alberta has important advantages as a province that understands business—and whose network reaches around the globe.
The prolonged downturn in the energy sector is hampering our ability to generate robust economic growth, and it’s critical we pivot and embrace the economy of the future, which is nimble, technology-focused, and global. Our innovative companies can generate the wealth and prosperity the economy needs and, in turn, create a new generation of angel investors, venture capitalists, mentors, and founders themselves. It’s imperative we make sure this sector is supported for the long term.