PrairiesCan commits $6.1 million for downtown Calgary innovation hub, local business retention programs

Posted on August 5, 2023 by Design in Design Innovation | 0 Comments

The Government of Canada is investing $6.1 million into Calgary to build a new innovation hub in the downtown core, as well as establish more programs aimed at increasing the competitiveness of local businesses.

Made through the federal agency Prairies Economic Development Canada (PrairiesCan), $3.1 million will go towards the City of Calgary to establish a “Technology Integration Centre,” while Calgary Economic Development is receiving $3 million.

Calgary Economic Development expects its initiatives to assist 200 local businesses and lead to the creation of 900 jobs.

According to the City, the new centre will allow Calgary-based businesses to test, refine, and showcase their technologies. It is expected to support the growth of about 100 tech companies and more than 180 jobs.

The Technology Integration Centre would be the latest innovation hub to be established in Calgary, following the completion of Platform Calgary’s Platform Innovation Centre in 2022.

Platform Calgary is a non-profit, member-based organization mandated to help local businesses grow. The Platform Innovation Centre is also backed by the federal government, including the $2-million investment it received last year.

“Our government is partnering with local economic development drivers in communities across the Prairies to ensure businesses have the resources they need to grow, compete, and create quality jobs for Canadians,” Minister for Prairies Economic Development Dan Vandal said.

With funding from PrairiesCan, Calgary Economic Development aims to deliver several initiatives to help drive foreign direct investment and business-retention activities over the three years.

Some of Calgary Economic Development’s plans include a new program to help tech businesses with talent acquisition, as well as a new international student recruitment program. The agency also plans to release business development tools such as a new database to share investment opportunities in key sectors.

Overall, Calgary Economic Development expects its initiatives to assist 200 local businesses and lead to the creation of 900 jobs.

Beyond its available programs for local businesses, Calgary Economic Development has also helped to attract foreign companies to make investments in the city. In July, the agency supported both Vantage Circle and Eventcombo with establishing their new separate offices in the city, with plans to hire hundreds of people.

Featured image courtesy Flickr.

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