Alberta’s government is making Alberta the best place in Canada to be an innovator or start a tech business. The rankings by StartupBlink and Startup Genome follow 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 No. 1 fastest-growing company to watch, among others such as geothermal energy company Eavor, PurposeMed and ZayZoon.
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, there were investments in hydrogen, such as the Steubenville plant, and in petrochemicals, with the Dow Chemical announcement. There were also cleantech announcements across the province.
Alberta’s tech and innovation sector continues to show resilience and growth despite a contraction of venture capital activity across Canada. Year-to-date investments in Alberta’s tech sector stand at $534 million, which is five per cent higher than the same period last year, while the rest of Canada has seen a 25 per cent decline in venture capital investments.
Alberta has captured 12.3 percent of the venture capital deals in Canada so far, a dramatic increase from two percent in 2018. Data from StartAlberta shows that total tech investments in Alberta, including venture capital and private equity, stood at $1.2 billion by the end of 2023.
Quick Facts
- In 2022, Alberta’s government released the Alberta Technology and Innovation Strategy to cement Alberta as a dominant player and internationally recognized technology and investment hub. The goal of the Technology and Innovation Strategy is to have $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 investment in 2023 on track for another record year.
- Alberta Enterprise Corporation’s 2021 Deal Flow study showed that the number of tech companies in Alberta grew from about 1,200 in 2018 to more than 2,800 in 2021.
- Amazon Web Services recently announced the completion of its western Canadian infrastructure region, the largest tech sector investment in Alberta’s history.
- 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.
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