Alberta government announces high tech funding

The Alberta government is planning on spending $178 million to support the growing tech sector in Alberta. The plan includes research and development tax credits, capital for investment and various projects. It should be interesting to see how this pans out. Hopefully the new plan will be effective. Read the rest of the news release below or check out the link to the original.

From the news release :

Technology speeds to market with $178-million action plan

New high-tech business environment marks next frontier in diversification of Alberta’s economy

June 11, 2008 - Edmonton… Increasing the number of new companies in emerging advanced technology sectors is the goal of Alberta’s action plan Bringing Technology to Market. This $178-million plan highlights a range of coordinated actions - from a research and development tax credit to increased investment capital to technology-specific business supports and new technopreneurship projects.

“This generation of Albertans has a unique opportunity to build for tomorrow, and an important part of that must be ensuring that ideas and innovations developed in our province are commercialized in our province,” said Premier Ed Stelmach. “For the next generation economy, we’re tapping into the resource that never depletes - knowledge. Our broad range of actions will ensure Alberta is well situated in the global knowledge-based economy and will create opportunities for generations to come.”Doug Horner, Minister of Advanced Education and Technology added, “We’re building on our success to create an environment where technopreneurs thrive and new companies grow quickly, producing technologies and products that are successful in global markets. This plan focuses on the right mix of environment, support mechanisms and incentives for our high-tech entrepreneurs to break through in global markets with the next big idea.”

The three-year action plan, builds on Alberta’s base of world-class research excellence, abundant natural and human resources, and technology commercialization agencies and programs to create a dynamic culture that attracts global business and venture capital expertise to Alberta. The plan combines recommendations from the Value-Added and Technology Commercialization Task Force report as well as other reports and strategies.

Art Monk, one of the advisory panel members to the task force said, “Getting a return on innovation in global markets is all about commercialization - the transformation of research discoveries into valuable market-driving products and services.” Monk, who is COO of Inflexion Point, an intellectual property investment bank based in Palo Alto, California, added, “This plan is a positive stimulus to Alberta’s innovation ecosystem at all levels. Once up and running, it basically means early-stage technology-based companies will have little reason to leave the province to succeed. They can reach out globally from a solid Alberta base that has a mandate to establish financial and technology linkages worldwide.”

Planned actions include implementation of a provincial science and research experimental development tax credit, improved access to early stage seed and venture capital support, strengthened access to regional business services, introduction of technology development advisors, implementation of innovation vouchers, enhancements to product development centres, creation of a demonstration fund, and initiation of a youth technopreneurship project.For more information visit www.technology.gov.ab.ca and click on Action Plan.