Over sixty people on Thursday crowded into the International conference center at SRI International in Palo Alto for a luncheon sponsored by the Province of Alberta, Canada, entitled Investing in Innovation Systems - Technology Commercialization and Cross Border Partnerships. The speakers included politicians, venture capitalists and business CEOs interested in investing and partnering across the Canadian - U.S. border.
The luncheon comes on the heels of a new CDN $178 million dollar program by the Alberta advanced education and technology that includes initiatives to attract and strengthen venture capital investments in Alberta, a science and research tax credit to boost research and development in Alberta, and innovation vouchers for young companies that can be redeemed for access to labs and design and fabrication centers.
$100 million will be set aside to create the Alberta Enterprise Corporation, which will be a venture capital fund of funds for co-investment in early stage venture capital funds focused on advanced technology sectors. The investment funds in turn will make individual investments targeting life sciences, environmental technologies, information and communications technology and nanotech. It's a clear example of the province of Alberta using tar-sand oil windfalls to diversify and broaden the provinces economic base.
The 10% tax credit for Alberta companies provides a refund for up to $400,000 against eligible expenses for science, research and experimental development. It is intended to encourage companies to do more R&D in Alberta and draw more R&D intensive knowledge based companies to the province.
More details are on the website for the province of Alberta's Advanced Education and Technology ministry.
