The province is hoping to kick start the economy and is injecting $50M into an initiative to help entrepreneurs get their ideas off the ground and create jobs.
Premier Rachel Notley was in Calgary on Friday for the funding announcement and says the money will assist the Alberta Enterprise Corporation (AEC) by giving Alberta companies access to capital and expertise to get into the marketplace.
“What has become a best practice model of attracting venture capital that is still driven by the best investment decisions and a return on investment and these kinds of things and considerations so that's why i think if anything we've seen tremendous success already with AEC and ultimately we'll seee money recycled jobs created and it'll build on itself,” said Notley.
The province says the funding will be split over two years and that $25 million will be made available each year.
“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,” said 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,” said Deron Bilous, Minister of Economic Development and Trade.
The province says more than 1000 jobs have resulted from a total investment of over $290 million in Alberta businesses through the AEC’s use of government funding.
For more on the Alberta Enterprise Corporation click HERE.
