Alberta entrepreneurs are getting a big funding boost from this year’s budget to get their ideas off the ground.
Fifty-million dollars of funding will go to Alberta-based companies to help get their ideas from concepts to reality.
The NDP government released its 2015-2016 budget Tuesday.
The Alberta Enterprise Corporation (AEC) will use the funds in partnership with Alberta’s venture capital community.
The money will be split over two years, with $25 million being available in 2015 and 2016.
The AEC works on a fund-of-funds model where AEC invests in venture capital funds.
“Alberta is one of the best places to start a business,” said Premier Rachel Notley. “This investment allows Alberta’s strong venture capital industry to help more Albertans turn their innovative ideas into opportunities that diversify our economy and provide jobs.”
Deron Bilous, minister of Economic Development and Trade said, for Alberta entrepreneurs, access to venture capital also opens doors to business experience and marketplace knowledge.
WATCH: According to ministers, a major theme of Alberta’s budget is diversifying the economy so we’re not so reliant on the oil and gas sector. Tom Vernon has the NDP’s plan to achieve that.
“The benefits of this collaborative approach create jobs in new companies, and new products and solutions for the Alberta and export markets,” said Bilous.
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Funded by the province, the AEC was created in 2009.
In June of 2013, at a Public Accounts Committee meeting, Alberta Enterprise Corporation were put in the hot seat by MLAs of all party stripes, who questioned where the AEC’s money is going.