Innovation grant to 'springboard' cutting-edge science-based projects in Alberta
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Alberta's Innovation Catalyst Grant program is open to recent graduates from master's and doctorate programs in disciplines related to science, technology, engineering and mathematics.
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This year's round of funding will put $2 million toward supporting eight projects from the 'province's next generation of innovators,' with successful applicants receiving $250,000 over two years. This is also the grant's third round of funding since it was established in 2022.
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On top of funding, recipients gain access to a lab space to support product research and business development mentorship to 'support long-term, sustainable growth,' according to the province.
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Expressions of interest for the program are due on Sept. 1, with full proposals due on Sept. 30.
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Over $2 million was invested in the first cohort of nine recipients, which was announced in 2023.
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The first batch of companies has all had 'considerable' growth since then, creating a combined 58 jobs and securing an additional $6 million from other investors.
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Among the 2023 recipients was Calgary-based Quantized Technologies, which took its idea from lab to market — also expanding to 18 employees.
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'The program was a springboard for our growth. We look forward to our next journey: establishing a quantum research and manufacturing facility, creating more jobs, and building tomorrow's quantum internet,' said Jordan Smith, Quantized Technologies CEO, in the media release.
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Innovation within businesses across Canada remains underfunded, according to research released by Cisco in June.
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According to the company's results, 87 per cent of Canadian business leaders see failure to innovate as a financial risk. However, just 26 per cent of businesses have budgets dedicated to research and development.
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Seventy per cent of business leaders view innovation as risky in today's economy, but 87 per cent agree that not innovating will cost their business more in the long run.
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