Calgary’s Aerospace Innovation Hub receives $3.9 million from OCIF

Calgary’s Aerospace Innovation Hub receives $3.9 million from OCIF Start-ups and entrepreneurs that access the Aerospace Innovation Hub will receive funding, business support and the ability to test their technologies in practical scenarios Article content A $3.9-million boost in a new innovation “hub” will help Calgary’s burgeoning aerospace sector soar to new heights. The multi-million-dollar investment in the University of Calgary’s new Aerospace Innovation Hub (AIH) was announced Monday and involves various partners, including Calgary Economic Development (CED), the University of Calgary, WestJet, the Calgary Airport Authority and Chapter.ai Ventures. The funding comes from CED’s Opportunity Calgary Investment Fund (OCIF), which has committed more than $86.2 million to 28 projects since the City of Calgary established the fund in 2018 as a catalyst to spur economic investment. With the OCIF funding in place, the AIH — akin to a laboratory — intends to support incubator programming for up to 180 companies by 2028. The hub will also directly fund six companies through an accelerator program, with the goal of both upskilling entrepreneurs and attracting new talent to Alberta. According to a CED news release, aerospace start-ups and entrepreneurs that access the AIH will receive funding, business support and the platform to test their technologies in a practical setting. Brad Parry, Calgary Economic Development’s president and CEO, called Monday’s collaboration a win-win for the aerospace sector and for the “ongoing diversification” of Calgary’s economy. “By making this investment, we are fortifying Calgary as an aerospace centre of excellence,” he said in the release. “Innovators will be able to create, test, and scale their ideas more effectively while existing industry players gain visibility and input into up-and-coming technologies.” The AIH also hopes to generate $1.5 million worth of research and development and support 40 patents through ElevateIP Alberta. City fund contributes $250K for scholarships for youth skills development program Calgary-based aerospace company awarded $211M contract to continue maintenance on aging CF-18 fleet The Calgary Airport Authority will provide the physical space for the hub at the Calgary International Airport, providing innovators the chance to apply their solutions to real-world scenarios. WestJet will be the hub’s anchor airline, while Chapter.ai Ventures will provide access to capital and investment support. U of C president Dr. Ed McCauley said the AIH is the fourth addition to the university’s network of innovation “hubs.” The network also includes the Life Sciences Innovation Hub, the Energy Transition Centre and the Social Innovation Hub. “With this funding, we’re excited to bolster resources tailored specifically for aerospace and advanced manufacturing ventures, improving our position as a magnet for visionary businesses and innovators,” he said in CED’s news release. The AIH is currently accepting new aerospace entrepreneurs, start-ups, scale-ups and large corporate partners that are eager to expand to or within Calgary.