October 30, 2015 – New funding will allow the Alberta Enterprise Corporation (AEC) to provide Alberta-based companies with access to the capital and mentorship they need to get into the marketplace.
The AEC will use these funds to continue to work in partnership with the venture capital community so Alberta’s entrepreneurs can access the expertise and industry networks they need to take their ideas from concept to reality. The funding will be split over two years with $25 million being available in both 2015-16 and 2016-17.
“Alberta is one of the best places to start a business. This investment allows Alberta’s strong venture capital industry to help more Albertans turn their innovative ideas into opportunities that diversify our economy and provide jobs.”
Premier Rachel Notley
“For Alberta entrepreneurs, access to venture capital also opens doors to business experience and marketplace knowledge. The benefits of this collaborative approach create jobs in new companies, and new products and solutions for the Alberta and export markets.”
Deron Bilous, Minister of Economic Development and Trade
The AEC works on a fund-of-funds model where AEC invests in venture capital funds that have a track record of success, strong global networks and a demonstrated commitment to the province. These venture capital funds then invest in promising startup and small and medium-sized enterprises with innovative products and strong growth potential.
“We look forward to continuing to assist the Government of Alberta with economic development in the province. Our previous investments have generated solid interest in Alberta entrepreneurs by venture capital funds, resulting in both new products and local high-tech jobs. This new allocation of capital allows us to continue fulfilling our mandate to create access to capital for Alberta-based technology companies.”
Kristina Williams, President and CEO, Alberta Enterprise Corporation
AEC’s use of government dollars has already resulted in more than $290 million total investment in Alberta businesses and more than 1,000 jobs for Albertans.
“The Alberta government’s commitment to the venture capital industry increases our investment capacity and our ability to attract investors from outside Alberta, providing technology ventures with the capital they require to develop and market their products, accelerate growth, and create high-quality jobs in Alberta. It’s exciting to be part of changing the face of the Alberta economy.”
Brad Johns, General Partner, Yaletown Venture Partners