A strong tech sector means a strong economy,”Technology and Innovation Minister Nate Glubish.The UCP government is taking credit for diversifying Alberta’s economy after Calgary was named the 12th-fastest growing technology ‘ecosystem’ in the world and best place in Canada to start a tech-based business.On Friday, international ranking firms StartupBlink and Startup Genome followed peer Pitchbook’s ranking of Calgary as the 12th fastest-growing technology ecosystem in the world in November.Deloitte also ranked several Calgary-based companies in their Top 50 fastest-growing list, including Neo Financial as the top fastest-growing company to watch, among others such as geothermal energy company Eavor, PurposeMed and ZayZoon.That prompted Technology and Innovation Minister Nate Glubish to gloat that the UCP government’s pro-business policies are “making Alberta the best place in Canada to be an innovator or start a tech business.”“Alberta’s tech sector is booming. Technology is not just an industry, it is the future of all industries and as a rising tide lifts all boats. A strong tech sector means a strong economy,” he said in a news release..Year-to-date investments in Alberta’s tech sector stand at $534 million, 5% higher than the same period last year, while the rest of Canada has seen a 25% decline in venture capital commitments..Added Myles McDougall, MLA for Calgary-Fish Creek: "Recently the province has seen major investments thanks to the pro-business environment Alberta’s government has created.” Eavor Technologies raised $180 million in venture capital in the third quarter of 2023 for its unique geothermal technology. In the past year, Alberta also saw investments in hydrogen, such as the Steubenville plant outside Sherwood Park and in petrochemicals with the $8.9 billion Dow Chemical expansion at Fort Saskatchewan near Edmonton. Year-to-date investments in Alberta’s tech sector stand at $534 million, which is 5% higher than the same period last year, while the rest of Canada has seen a 25% decline in venture capital commitments.In fact, Alberta captured 12.3% of the venture capital deals in Canada last year, a dramatic increase from 2% in 2018. Data from StartAlberta shows total tech investments in Alberta, including venture capital and private equity, stood at $1.2 billion by the end of 2023..Alberta’s venture capital investment has grown from $37 million in 2017 to $729 million in 2022, with 2023 on track for another record year.."(Last year) was a monumental year for Calgary's tech sector. We look forward to continuing this momentum into 2024 to secure Calgary's place as one of the best places in the world for anyone to start a tech business," said Terry Rock, president and CEO, Platform Calgary, a tech start-up incubator.In 2022, the UCP government released the Alberta Technology and Innovation Strategy to cement Alberta as a dominant player and internationally recognized technology and investment hub with a goal to generate $5 billion in tech sector revenue and create 20,000 jobs by 2030.Alberta’s venture capital investment has grown from $37 million in 2017 to $729 million in 2022, with 2023 on track for another record year.A study from the Alberta Enterprise Corporation showed the number of tech companies in Alberta grew from about 1,200 in 2018 to more than 2,800 in 2021.Among recent announcements, Amazon Web Services recently announced the completion of its western Canadian infrastructure region, the largest tech sector investment in Alberta’s history.In addition, the Association of University Technology Managers named the University of Calgary as the top startup creator out of 32 Canadian academic and non-profit research institutions for the third straight year.
