🗳️ Question of the Week

Invest Alberta opens new office to attract B.C. companies

Invest Alberta has set up a new remote office in Vancouver, and wants B.C. investors to know it’s “open and ready for business.”

The crown corporation was founded in 2020 and works directly with firms to launch or scale their businesses in Alberta. Over four years, it has secured deals that have generated nearly $20 billion in investment and created over 25,000 jobs — for reasons, the organization suggests, that go beyond the province’s lack of sales or payroll taxes and its low corporate tax rate (which clocks in at four percent below B.C.’s).

What spurred Invest Alberta to grow its presence in Vancouver was seeing an “increased demand for a while,” said Rick Christiaanse, the CEO of Invest Alberta.

One recent example is Fortinet’s investment of $30 million to build a cybersecurity hub in Calgary — which will include a data centre, a training facility, and a “centre of excellence” to keep infrastructure and operational technologies safe. The California-based company was attracted to Calgary largely due to its pool of talent, which has grown by 78 percent over five years — marking the fastest rate compared to other North American cities. It also helped that Fortinet received support from Invest Alberta to secure available government incentives, the organization said, as well as assistance from Calgary Economic Development. In addition, the government of Alberta supported the bid with over $3 million from its Innovation and Growth Fund.

Invest Alberta believes B.C.-based businesses may also be enticed to move to the province for risk mitigation, particularly in the case of data centres, because the coastal setting is more vulnerable to natural disasters like earthquakes. Significantly, in 2021, Amazon Web Services announced plans to invest $4.3 billion in a new cloud computing operation in Calgary — which, as Christiaanse highlighted, managed to open under budget and on time last December.

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🤝 Funding, Deals, and Partnerships

• Lightstrike raises CAD $1.1 million pre-seed round to commercialize AI-powered code mapper. The all-equity round was led by Edmonton-based Sprout Fund with participation from Connecticut-based The Binnacle Group, Weave VC, and two Alberta-based family offices. BetaKit

• ATCO EnPower and CPKC complete construction of two hydrogen production and refuelling stations in Alberta. As part of its innovative Hydrogen Locomotive Program, CPKC is retrofitting a number of diesel locomotives with hydrogen fuel cells so they can operate without directly generating emissions. Cision

• Woveo partners with African Impact Initiative to empower African immigrants in Canada. The fintech platform will support African immigrants in Canada by addressing key challenges and creating pathways for financial stability, professional development, and community integration. Cision

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📰 Need To Know

• Investment rises by 21% for Calgary tech firms this year as sector grows and evolves. After finally outpacing B.C.-based firms in pulling in venture capital investment during the first half of the year, Alberta tech firms slipped back behind their West Coast neighbours during the third quarter. Calgary Herald

• Calgary Mayor Jyoti Gondek speaks on innovation, talent and building a thriving tech ecosystem. “You shouldn’t hope for a generation that has to go through all the same challenges you did,” she says. “You should hope for a generation that’s able to overcome those obstacles much quicker or not experience them at all.” Digital Journal

• Four Calgary companies win in the rankings of 2024 Canada's Most Admired Corporate Cultures, Canada's Most Admired CEO, and Canada's Most Admired CPCO. Trico Homes, 4Seasons Transportation, Righteous Gelato, and Showpass scooped the awards. Cision

• ResVR, The Reporting Hub, and Moovez win big at Platform Calgary’s Launch Party. “This year’s featured startups are shining examples of the passion and enthusiasm of Calgary entrepreneurs,” said Platform Calgary President and CEO Terry Rock. “Platform Calgary looks forward to continuing our support for these amazing companies at every stage of their journey.” Calgary.Tech

• UCalgary startup Taylored Biotherapeutics develops mental health solutions targeting the gut-brain connection. The new grant accelerates the young company’s efforts to commercialize psychobiotic therapies. UCalgary News

• Government of Alberta releases draft protocol for CO₂ sequestration. The document is the updated guidelines for generating emission offsets from the capture and permanent geological sequestration of CO2 under Alberta’s Technology Innovation and Emissions Reduction Regulation. Dentons

• Innovator of the Week: Brett Colvin is changing the way lawyers work. The CEO and co-founder of Goodlawyer heads up a platform that pairs top talent with clients, allowing lawyers to be their own bosses and companies to save in overhead fees. Avenue Magazine

• Like Calgary’s tech scene, DevFestYYC is hitting new heights. DevFests are annual events organized by the Google Developer Groups (GDG) community in their local region, and happen all around the globe between September and December. Digital Journal

• UCalgary researcher wins national innovation award for advanced mine safety technology. In response to a major tailings dam collapse in the Philippines earlier this year that forced evacuations and devastated homes, a University of Calgary researcher is stepping up efforts to improve mine safety worldwide. Calgary.Tech