To help the University of Calgary attract new investment and bring innovative technologies to market, the Alberta government is transferring ownership of the University Research Park to the institution.
The University Research Park is an incubation space that encourages innovation and facilitates the commercialization of new technology and research. By investing in the U of C, the government is diversifying the economy and creating thousands of jobs in Alberta’s burgeoning tech sector.
“Investing in education is about investing in better futures for people. That’s why we’re resisting calls to cut funding for classrooms and labs, and instead we’re working with universities and colleges to create better training opportunities, good jobs and a more diversified economy. Today’s announcement gives the University of Calgary more control to create great new research and skills-training opportunities, staying at the forefront of research and innovation.”
~Rachel Notley, Premier
The park sits on 31 hectares (76 acres) of land just north of the U of C. Having ownership over the space will ensure the university can attract entrepreneurs and continue to be a leader in research and innovation. The U of C estimates that about 6,300 jobs will be created in the research park and 12,000 new jobs for Calgary by 2038 through economic growth and diversification.
“Students, researchers, startups and businesses deserve a space where they can collaborate, explore new ideas and concepts and turn great ideas into groundbreaking innovations. Giving control of the University Research Park to the U of C will lead to better research and education opportunities, a more diversified economy, more jobs and a skilled workforce that’s ready for the jobs of the future.”
~Marlin Schmidt, Minister of Advanced Education
“I am proud of our government’s commitment to investing in strong infrastructure across the province. Protecting education while creating good jobs is all part of an economy built to last. I can’t wait to see the innovative research and new ideas that will continue to come from the University of Calgary students in the University Research Park.”
~Sandra Jansen, Minister of Infrastructure
The transfer supports the Government of Alberta’s commitment to post-secondary education, increasing research and innovation, and building a modern and diversified economy that empowers entrepreneurs and benefits all Albertans.
“Thanks to the Government of Alberta’s generous land transfer, the innovation that is happening daily through the Hunter Hub for Entrepreneurial Thinking and the Creative Destruction Lab – Rockies will continue to flourish at the University Research Park. U of C students and researchers will continue to start and grow new companies, introducing fresh perspectives and untapped knowledge that will ultimately create new job opportunities and help diversify the economic base of our community.”
~Elizabeth Cannon, president, University of Calgary
The transfer includes the land, three buildings owned by the province and the assignment of all leases to the university. The estimated market value of the University Research Park lands and buildings is $97 million.