This release was issued under a previous government.
The Government of Alberta will partner with the federal government’s Canada Accelerator and Incubator Program (CAIP) to support Innovate Calgary and its Kinetica Ventures program. Kinetica will assist in ensuring new energy-related technologies with proven market demand can become commercialized in a timely manner and benefit both industry performance and the environment.
“The Alberta government is facing serious fiscal challenges with the falling price of oil and it is important that we continue to support innovation in Alberta. Our support of the Kinetica Ventures program gives entrepreneurs and investors increased capacity to commercialize their ideas while helping to grow and diversify our economy.”
These investments by Alberta and its partners through CAIP will allow business incubators to provide more of the services that guide market-oriented, innovative companies along the road to product commercialization. Initiatives supported through Kinetica can add value in the energy industry by improving processes, enhancing productivity and creating new applications of existing or novel technologies to enhance overall competitiveness.
“Kinetica’s mandate is to better understand the energy industry’s key innovation challenges, identify researchers/entrepreneurs and startups with promising technology solutions, and then help accelerate commercialization through collaboration with industry and investors. We are excited to partner with Alberta Innovation and Advanced Education to deliver world-class energy innovation from Alberta.”
As part of a two-year funding commitment the Alberta Government will provide $500,000 per year to Kinetica Venture. The Kinetica Venture program is also supported by CAIP.
Provincial and federal contributions support expanded services to early-stage firms and entrepreneurs giving them support and mentorship to move ideas to marketable products and services. Funding will help these business incubators promote a higher volume of companies that are investment-ready and able to develop into sustainable, high-growth businesses.