Alberta Budget 2015

October 30, 2015 6:31 pm
Updated: October 30, 2015 9:35 pm

Alberta budget 2015 provides $50M in funding for Alberta-based companies

WATCH ABOVE: The NDP government backed up its pledge to find ways to rely less on oil and gas with some cash. Premier Rachel Notley announced millions of dollars to achieve their goals. Gary Bobrovitz reports.

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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.

READ MORE: New taxes and benefits: Alberta budget 2015 highlights

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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.

READ MORE: Alberta budget – What’s in it for Calgary?

 “Our previous investments have generated solid interest in Alberta entrepreneurs by venture capital funds, resulting in both new products and local high-tech jobs. This new allocation of capital allows us to continue fulfilling our mandate to create access to capital for Alberta-based technology companies,” said Kristina Williams with AEC.

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.

© 2015 Shaw Media

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