With Innovate Edmonton receiving $4.1M of these funds to expand programs and services to accelerate growth of Edmonton-based companies
EDMONTON, ALBERTA, May 10, 2022 (GLOBE NEWSWIRE) — The Edmonton Regional Innovation Network (ERIN) and Innovate Edmonton have secured multi-year funding to support local innovators through programs to build companies and solutions for global demands. This injection of $4.8 million over three years from Alberta Innovates directly funds the community-led ERIN, one of eight Regional Innovation Networks (RINs) across the province. Funding will ensure that Edmonton-based founders have free access to programs and services needed for growth. Innovate Edmonton was also unanimously selected by the ERIN Steering Committee to serve as the lead proponent for this grant, contributing of scale, administration and reporting.
“With the investment from Alberta Innovates, we’re pleased to distribute $4,888,500 to Edmonton-based programs and services, including the $4.1 million to Innovate Edmonton, to accelerate the growth of local business,” said the Edmonton Regional Innovation Network Steering Committee Co- Chair Zack Storms. “These service providers will ensure our innovation ecosystem provides small and medium-sized enterprises with coaching expertise, business advice, technical, connections and access to capital.”
“Innovation is a team game, and it takes all levels of government working in concert to establish internationally competitive businesses and position Edmonton as an inclusive global innovation capital,” said Innovate Edmonton CEO Catherine Warren. “This investment leverages our core City funding, allowing us to expand delivery of our world-class programmes, including coaching, curriculum, mentorship and more to boost business development for companies at various stages, from commercialization to revenue generation, raising capital and international sales .”
The following programs and services are jointly funded by Innovate Edmonton through the City of Edmonton core funding, and Alberta Innovates, through the ERIN:
For the second half of 2021, Innovate Edmonton published these results in its Annual Report:
- 1,746 founders and companies were hosted by Innovate Edmonton through programs and services
- 3,118 coaching and mentorship hours were provided across all programs
- Founders and companies represent 12 industries and sectors, including energy and cleantech, health, education, etc.
- Edmonton Startup Week was host to 63 events, with 3,036 RSVPing for the annual event and 12 new launched companies
“Innovation is at the heart of what we do — and it starts with our dedicated program team who support local companies and economic prosperity for our city,” said Innovate Edmonton CEO Catherine Warren. “Together with our funders and Edmonton’s innovators, we develop and sustain a recognized and relevant urban ecosystem innovation that creates jobs and contributes to the enduring resilience, vitality and identity of Alberta’s capital. We thank ERIN for the confidence that they place in our inclusive approach and Alberta Innovates for this generous ecosystem funding.”