How the tech sector is turning the corner in Alberta
CBC
Alberta's tech sector is slowly recovering from mostly self-inflicted wounds that threatened to leave the fledgling industry behind Canada's tech leaders in B.C., Ontario and Quebec.
In 2019, the Alberta government eliminated incentives for investors to fund the province's tech startups, prompting some venture capital, private equity, individual backers and angel investors to take their money elsewhere.
As 2021 draws to a close, there are some in the sector who believe Alberta is finally experiencing a resurgence, with help from a more supportive government and investors who are more willing to open their wallets.
Investment is climbing, confidence is growing and some early-stage developers and entrepreneurs are starting to see the money roll in.
At a recent pitch event at the brand new Platform Innovation Centre last month, firms from Edmonton and Calgary (and five from Saskatchewan) lined up to sell their latest ideas and inventions to investors watching virtually or in person.
"It's been really cool to see. The depth and breadth of ideas that are coming out of Calgary is really impressive," said Neil Vande Bunte, who is an investor and one of the organizers of the event.
While there's optimism and growing confidence, it's been a struggle to convince investors to fund projects that are outside Alberta's traditional industries and moneymakers, including energy and real estate.
"Raising capital is not easy. It's not for the faint of heart," said Alina Martin, the CEO of Waitwell, an app that manages queues, lineups, appointments and crowd control for companies.
"We take the suck out of lineups," said Martin, who made a pitch for $1.3 million to grow the Calgary company.
Martin, who has spent her entire career in tech, says luring Alberta investors can be a challenge because the sector is relatively new and evolving and, according to some, risky. She says there's a lack of understanding about the options for investors.
"In Alberta, when it comes to investing dollars, people invest in what they know, they invest in what they understand," she said.
Jade Alberts is an angel investor in Calgary who is watching the tech and innovation market in Alberta change, albeit slowly.
"We're crawling right now, like we're just starting to move, but we are moving in the right direction," he said.
"We're a little risk averse up here."
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