Alberta faces a critical challenge in scaling up its businesses. While a significant number of startups manage to survive beyond their initial five years, a minuscule fraction of small companies successfully transition into mid-sized enterprises, and even fewer mid-sized firms evolve into large corporations. Recognizing this “scale-up gap,” the province is proactively investing in initiatives designed to propel Alberta’s ambitious startups and small businesses towards substantial growth. This strategic approach aims to unlock the full potential of these businesses, enabling them to not only thrive but also significantly contribute to the economic diversification and prosperity of Alberta.
In a collaborative effort spanning multiple levels of government, including the Government of Alberta, Prairies Economic Development Canada, and municipal partnerships with both Edmonton (through Edmonton Unlimited) and Calgary (via the Opportunity Calgary Investment Fund), Alberta Innovates has spearheaded the creation and ongoing management of a comprehensive provincial scale-up and growth strategy. This initiative has blossomed into a dynamic program anchored by two core pillars: the strategic utilization of global accelerator programs and the fostering of a robust Fellowship Alumni Network.
As defined by BDC, business accelerators are “programs that give developing companies access to mentorship, investors and other support that help them become stable, self-sufficient businesses.”
The Scaleup and Growth Accelerator Program is structured to provide comprehensive, end-to-end support. It caters to a wide spectrum of businesses, from early-stage ventures still solidifying their foundational business plans to established organizations seeking expert guidance and strategic investment to navigate the complexities of global expansion. In 2021, Alberta Innovates strategically partnered with a local pre-accelerator and four globally recognized accelerator programs to effectively bridge the identified scale-up gap. These key partnerships include: Alberta Catalyzer Pre–Accelerator, Alberta Accelerator by 500, Plug and Play Alberta Accelerator, Telus Community Safety and Wellness Accelerator powered by Alchemist, and SVG Thrive Studio, Pre-Accelerator and Accelerator, which is dedicated to fostering innovation within agricultural startups.
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These collaborative global accelerator partnerships are strategically designed to achieve several key objectives that are vital for Alberta’s economic future:
- Addressing Scale-Up Gaps: The programs are specifically engineered to tackle the challenges that hinder the growth of Albertan, Canadian, and international ventures. By providing targeted support and resources, these initiatives empower businesses to scale their operations, expand their market reach, and contribute to a vibrant and dynamic innovation ecosystem within Alberta.
- Diversifying Alberta’s Economy: A core focus of the program is to foster economic diversification within Alberta by actively championing entrepreneurship and innovation across emerging technology sectors. This strategic diversification is crucial for creating a resilient and future-proof economy, generating high-quality employment opportunities throughout the province, and reducing reliance on traditional industries.
- Driving a Global Innovation Mindset: By attracting leading global technology firms and investments to Alberta through a world-class acceleration ecosystem, the program aims to cultivate a global innovation mindset within the province. This international perspective is essential for Alberta to compete effectively in the global marketplace, attract top talent, and establish itself as a leading hub for innovation and technological advancement.
