Alberta Innovates issues RFP call for small and medium tech start-ups
by CM Staff
$25 million to support technology and business accelerators in Alberta.
EDMONTON — Alberta Innovates is issuing a request for proposals (RFP) for the development of business accelerator(s) to vault Alberta’s promising start-ups and small and medium technology companies through scaleup and growth faster.
While half of all Alberta start-ups survive over five years, only 0.1 per cent of small firms become mid-sized, and only two per cent of mid-sized firms become large. Alberta Innovates is seeking three or more technology/business accelerators to address the scale-up gap and help Alberta startups and Small to Medium Sized Enterprises (SMEs) to scale and grow and contribute to a thriving innovation ecosystem in Alberta.
This RFP is also intended to expand Alberta’s global innovation mindset by attracting global technology firms and investment to Alberta via world class acceleration and ecosystem. Selected accelerators will also help to diversify Alberta’s economy by supporting entrepreneurship and innovation in new technology areas that will create high-quality jobs throughout the province. This will hope to contribute to 900 new junior technology firms, 20,000 jobs and $5 billion in technology firm revenue in the province by 2030.
Up to $25 million in funding is available for a three-year contract for three or more accelerators (with an option to extend for an additional two years). Alberta Innovates will consider both private and not-for-profit acceleration models.
The RFP is open until April 30, 2021. Full details can be viewed on the Alberta Purchasing Connection website.
“While we need many more startups at the start of the funnel, we also need to ensure we are scaling up those businesses and helping them achieve growth. By increasing the number of successful scale ups in the province, we create jobs and attract investment.” said Doug Schweitzer, Minister, Jobs, Economy and Innovation.