Provincial government invests in Innovate Calgary to expand small business incubatorDecember 16, 2017
The Government of Alberta is investing in Innovate Calgary to help more small businesses and aspiring entrepreneurs grow or get their ideas off the ground.
Innovate Calgary will use $1.5 million to expand its small business incubator. Small business incubators connect entrepreneurs with mentors and experts who help them navigate the early stages of starting and growing a business.
Statistics show that Alberta small businesses with incubator support have an average growth rate of 25 per cent, while nationally the average is less than five per cent.
The government is also launching a $3-million Entrepreneur Support program under the Alberta Entrepreneurship Incubator initiative to help Alberta entrepreneurs offset a variety of business startup costs. Small business incubators around the province will refer eligible entrepreneurs to the funding program. Alberta Innovates will administer the funding on behalf of the province.
- Program funding comes from Economic Development and Trade’s Alberta Entrepreneurship Incubator program (AEI).
- The AEI program is a $10-million, two-year pilot, delivered through Alberta Innovates, to fund entrepreneur development and mentor support programs across Alberta.
- This year, seven regional incubators have received AEI funding to support startup businesses across the province.
- The AEI program has two streams:
- The Accelerator Expansion Support stream, with funding of $7 million, supports entrepreneurial incubation capacity.
- The Entrepreneurship Support stream, with funding of $3 million, supports entrepreneurial projects.