News / Edmonton

Alberta announces funding for high-tech business

An additional $5 million will go towards support programs for small innovative and technology-based businesses.

Minister of Economic Development and Trade Deron Bilous.

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Minister of Economic Development and Trade Deron Bilous.

Minister of Economic Development and Trade Deron Bilous announced $5 million in funding Thursday for small and medium technology-based businesses.

The new money is in on top of the $4.1 million already allotted to the Enhanced Innovation Voucher and Small and Medium-sized Enterprises Support program, which provides up to $15,000 for high-tech businesses.

Bilous said the additional money will increase the number of vouchers issued from 120 this year to 200 or more per year, which he said helps businesses access things like marketing, planning, and product development.

The funding will also cover number of technology development advisors available to mentor entrepreneurs will double to 12.

“The investment come at the right time for Alberta’s high-tech researchers and entrepreneurs as we work together to build a more diverse and resilient economy,” Bilous said.  

Both programs are part of Alberta Innovates-Technology Futures, which estimates it’s programs have helped create 555 new jobs in Alberta in 2014-2015.

Hank Mottl with Absolute Combustion International Inc., was on hand at the announcement.

Mottle said the program helped his company create a unique combustion and thermal transfer technology that reduces CO2 emissions by more than 35 per cent.

“These are really tough times and we would have had a really rocky road if we were not able to get access to these programs,” he said.

Bilous said the announcement is part of a “multi-pronged” approach the government is taking when it comes to job creation. “Diversification is absolutely crucial and it’s something that I’m 100 per cent focused on."

Minister of Economic Development and Trade Deron Bilous announced $5 million in funding Thursday for small and medium technology-based businesses.

The new money is in on top of the $4.1 million already allotted to the Enhanced Innovation Voucher and Small and Medium-sized Enterprises Support program, which provides up to $15,000 for high-tech businesses.

Bilous said the additional money will increase the number of vouchers issued from 120 this year to 200 or more per year, which he said helps businesses access things like marketing, planning, and product development.

The funding will also cover number of technology development advisors available to mentor entrepreneurs will double to 12.

“The investment come at the right time for Alberta’s high-tech researchers and entrepreneurs as we work together to build a more diverse and resilient economy,” Bilous said.  

Both programs are part of Alberta Innovates-Technology Futures, which estimates it’s programs have helped create 555 new jobs in Alberta in 2014-2015.

Hank Mottl with Absolute Combustion International Inc., was on hand at the announcement.

Mottle said the program helped his company create a unique combustion and thermal transfer technology that reduces CO2 emissions by more than 35 per cent.

“These are really tough times and we would have had a really rocky road if we were not able to get access to these programs,” he said.

Bilous said the announcement is part of a “multi-pronged” approach the government is taking when it comes to job creation. “Diversification is absolutely crucial and it’s something that I’m 100 per cent focused on."

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