The Alberta government is looking to kickstart the healthcare system by pumping $13.6 million into the tech sector..In an announcement at the University of Alberta on Tuesday, Technology Minister, Nate Glubish, said the dollars will transform research projects into commercial ventures by fostering collaboration between tech providers and venture capital entrepreneurs looking to invest..Glubish, a former tech entrepreneur himself, said the aim is to reach a critical mass that will place Alberta as an “innovation hub” in Canada and indeed, the world..“Tech isn’t just an industry but the future of every industry,” he said. “We know the importance of ensuring appropriate supports are in place to help small and medium-sized technology companies grow and bring their ideas to market.”.Through the program, institutional partners such as the Universities of Alberta, Calgary and Lethbridge, along with the Alberta Science Park and others will help advance concepts and prototypes to prepare them for market. .Various representatives from government and academia said the support is vital to helping further build Alberta’s reputation as a technology and innovation hub while diversifying and growing the economy..There have been numerous examples of start-ups that have partnered with, or been bought by major multinational companies for hundreds of millions, or even billions of dollars..As part of his mandate letter, Glubish was tasked with finding tech-based solutions to lowering costs in the health care sector. Presently there are more than 1,300 technology systems “that don’t all talk to each other,” he said..Although it’s a short term outlay, the government is expecting to reap even larger rewards down the road..Prior to his election, Glubish worked for Vancouver-based Yaletown Partners, a Venture Capital fund..Even though venture capital investments in Alberta were off about 1% in the first half of the year, companies raised a record $730 million last year, up from $455 million in 2020 and barely $30 million a decade ago..According to the Venture Capital Association of Alberta, the region has more than 2,000 startups across all sectors, including energy, financial tech and agriculture..“It’s still a healthy number,” Glubish said. “Venture capital continues to have great momentum.”
