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By rdnewsNOW staff

Alberta

Alberta invests $20M in grant programming for graduates creating new technologies

Mar 12, 2024 | 5:36 PM

The Alberta government is investing $20 million in grant programming to support graduates that are creating new technologies.

The funding will support graduates from science, technology, engineering and mathematics (STEM) disciplines in post-secondaries to pursue entrepreneurship, develop business skills, and commercialize innovative technologies.

The Innovation Catalyst Grant (ICG) program aims to promote collaboration between post-secondary institutions and industry to help its participants to develop skills, talent and partnerships to attract investment and commercialize research.

The program is one of the key initiatives under the Alberta Technology and Innovation Strategy with the goals of creating 20,000 new jobs and seeing Alberta’s tech companies generate $5 billion more in annual revenue by 2030. The program provides two years of funding for participants to develop their start-up companies.

“Alberta’s tech industry is booming. Programs like these strengthen Alberta’s role as a leading tech and innovation hub that attracts talent, business and job-creating investment,” said Nate Glubish, Minister of Technology and Innovation.

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The ICG Program is administered by partner universities including the University of Alberta, University of Calgary and University of Lethbridge, and gives recent university graduates access to business and technical mentorship, as well as labs and specialized equipment to bring their innovative products to market.

The first cohort of the ICG Program supported nine Alberta entrepreneurs to commercialize new technologies in areas such as advanced sensors, quantum technologies, artificial intelligence, clean energy, media devices, water treatment, telecommunications and agriculture.

The second cohort of ten aspiring entrepreneurs joined the ICG Program in early 2024. These tech start-ups are developing solutions in key areas including medical technologies, environmental sensors, clean energy, advanced manufacturing, and agriculture and livestock.

“ICG has been instrumental in Synapsis’s transformative journey, providing both crucial funding and invaluable mentorship. Its support has enabled us to expand our team, explore strategic business models, collaborate with research groups in Alberta, and validate our solutions directly with users, propelling us towards our goals with confidence,” said Preetam Anbukarasu, Synapsis Medical in Edmonton.

To date, the first two cohorts of the ICG Program have invested $5.75 million in the tech start-ups of the 19 entrepreneurs across the province.

The third intake will open this spring, followed by another in spring 2025.