Government of Canada supports southern Alberta’s innovative businesses and organizations
September 5, 2019 – Calgary, Alberta – Western Economic Diversification Canada
Innovation continues to revolutionize many sectors in Canada’s economy. Through a wide range of programs available to businesses and institutions, researchers, and entrepreneurs, the Government of Canada is ensuring southern Alberta remains competitive in tomorrow’s innovation economy.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, announced over $38 million in new investments for 27 projects across southern Alberta. Funding for these projects is provided through three programs that foster innovation.
Business Scale-up and Productivity (BSP) funding of $22,341,500 will support 10 small- and medium-sized businesses in Calgary, Lethbridge, Coaldale, Cochrane, and Olds. By providing interest-free loans for these projects, the government is supporting expansion into new markets and innovation related to agri-tech, advanced manufacturing, digital technology, and clean technology.
Through the Regional Innovation Ecosystems (RIE) program, the Government of Canada is investing $11,340,458 for 14 projects. These investments in Calgary, Red Deer, and Foremost support a diverse range of innovation including drone technology, digital technology, artificial intelligence, business accelerators, renewable energy, clean technology, digital health, and life sciences.
The Western Diversification Program (WDP) makes strategic investments in initiatives that enhance and strengthen the economy of Western Canada. Through this program, three projects in Calgary are receiving $4,920,000 to support development of greenhouse gas-reducing technologies, establish an internet-of-things testing facility, and launch a precision medicine centre.
“We’re making a substantial investment in southern Alberta’s leadership in a variety of sectors, from energy to agriculture. Canada’s prosperity depends on our ability to diversify our economy and seize the opportunities in the rapidly changing global economy. Using the tools at our disposal, the government is positioning Calgary and southern Alberta to prosper from its unique advantages.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada
Regional Communications Manager
Western Economic Diversification Canada
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