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Innovate Edmonton receives $5 million from City to support accelerators
City Council has approved $5 million in funding for Innovate Edmonton, meant to support and attract technology accelerators to the city.
The $5 million accelerator fund is in addition to the $5 million per year that has been promised to Innovate Edmonton following its creation as the new provincial innovation entity last year.
“Edmonton has a rich foundation on which to build the next generation of business accelerators.”
The new fund aligns with Alberta’s province-wide push for more business acceleration. Last month, Alberta Innovates, the crown corporation for the Government of Alberta that promotes innovation in the province, issued a request for proposals (RFP) for the development of new business and technology accelerators in the region. Up to $25 million in funding is available to the three or more accelerators that come to the province, based on a three-year contract.
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The Edmonton Metropolitan Region is coming together to advance economic development in the area.
On Apr. 12, 2021, all 13 regional mayors signed a Memorandum of Understanding (MOU) to develop a new, innovative model for municipal economic development.
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Called the Collaborative Economic Development (CED) initiative, the model will focus on direct return on investment, and be built using existing municipal resources where participation is voluntary and every partner has an equal voice. It is intended to advance economic opportunities through new, non-residential growth and jobs for participating municipalities across municipal boundaries in the Edmonton Metropolitan Region.