(Edmonton) A partnership of the University of Alberta, TEC Edmonton and Innovate Calgary has been selected by the Canadian Accelerator and Incubator Program to help business accelerators and incubators deliver their services to promising Canadian firms.
TEC Edmonton, Edmonton's leading business incubator and accelerator, will offer additional business services to health-based startup companies, including new companies spun off from medical research at the U of A.
Innovate Calgary, TEC Edmonton's counterpart in Calgary, will focus its funding on energy-related high-tech startups.
With the U of A, the two business incubator/accelerators will also put the new funding to work by linking investment-ready new companies to existing investor networks focused on new, made-in-Alberta technologies.
"This is fantastic news," said Lorne Babiuk, vice-president (research) at the U of A. "It's another example of how the University of Alberta continues to transfer its knowledge, discoveries and technologies into the community via commercialization to benefit society, the economy and Canada as a whole. We are delighted to be partnering with Innovate Calgary and TEC Edmonton, which are Alberta's largest and most successful incubators, and among the best in the country. I thank the Government of Canada for their support and for this valuable program."
"CAIP funding allows us and our partners to enhance and expand our services supporting the innovation community and Alberta's overall economic prosperity," said Peter Garrett, president of Innovate Calgary. "With our shareholders the University of Calgary, the Calgary Chamber and the City of Calgary, Innovate Calgary is committed to accelerating the growth of early-stage companies and entrepreneurs."
"TEC Edmonton is a true community partnership," said TEC Edmonton CEO Chris Lumb. "We were created by the University of Alberta and the City of Edmonton (through the Edmonton Economic Development Corporation) with strong support from the regional entrepreneurial community, technology investors, the Province of Alberta, the Canadian government and hundreds of volunteers. With such support, TEC Edmonton has grown into one of Canada's best tech accelerators.
"This new federal funding strengthens TEC Edmonton and Innovate Calgary's ability to help grow great new companies and to further commercialize research at Alberta's post-secondary institutions."