The Alberta budget's tech, talent and digital media highlights

Tuesday (February 28) was budget day in Alberta, and its government announced multiple measures that impact the province’s technology and innovation ecosystem.

The budget forecasts a surplus of $2.4 billion in 2023-24, gross domestic product (GDP) growth at 2.8%, and included investments focused on technology infrastructure and economic and talent development. Highlights include:

• $369 million over 3 years for Alberta’s Broadband Strategy, supporting businesses in remote areas.

• $100 million over 3 years in increased funding for the Film and Television Tax Credit.

• $24.5 million in 2023-24 for the Alberta Technology and Innovation Strategy.

• $9 million over 3 years for the Northern and Regional Economic Development program to support Alberta municipalities, Indigenous communities and non-profit organizations with projects that promote regional economic growth and diversification.

• $4 million increase in 2023-24 to the Alberta Media Fund to help meet the growing demand for small-budget, Alberta-made productions.

• $687,000 in additional funding for the Alberta Enterprise Corporation (AEC) to manage new fund investments and for the Start Alberta platform.

• $176 million in 2025-26 for the Alberta at Work initiative.

• $95 million for Career and Employment Services to support people to help people gain new skills and rejoin the workforce.

• $111 million more over 3 years to support targeted post-secondary enrolment expansion in highest-demand sectors, such as non-trade construction, energy, technology and business.

• $54 million more per year for the Alberta Petrochemicals Incentive Program starting in 2025-26 to support Air Products’ clean hydrogen facility.

• Funding to support programs to reduce emissions, support technology development, and create jobs and investment opportunities across all sectors.

• $120 million over three years for the Digital Accelerator Program.

• An extension of the interactive digital media tax credit of five years to 2028.

Full details are on the Alberta budget website.

Industry leaders were happy to see funding focused on talent, but called for additional capital to support high-growth companies.

“In the 2023 budget we were pleased to see significant additional funding for the Alberta at Work program,” said Dana O’Born, vice-president of strategy and advocacy at the Council of Canadian Innovators, in a statement.

In addition, her organization praised new funding for digital modernization projects within government, which they hope will be leveraged to work with local companies.

She said the organization would like to see the government, with such a large surplus, provide additional capital funding for high-growth local companies, to ensure they can maintain their momentum at a time when the global capital markets are challenging for technology companies, and many firms are being forced to cut back.

O’Born added: “The funding earmarked for the Alberta Technology and Innovation Strategy comes at a time when the province’s technology sector is growing faster than almost anywhere else in Canada. The government should use this funding to accelerate work on the province’s intellectual property commercialization framework, leading to significant downstream economic benefits. It is vitally important for future prosperity in the knowledge-based economy for Alberta companies to generate IP out of the province’s innovations.”