21-05-2025
Alberta Innovates braces for 'significant' funding cuts as annual conference kicks off at BMO Centre
Calgary's BMO Centre was buzzing on Wednesday as thousands of people, including entrepreneurs, investors and innovators gathered for Inventures 2025, Alberta Innovates' flagship conference focusing on fostering collaboration and global partnerships in technology and innovation.
Article content
Article content
The three-day event, running May 21 to 23, comes at a pivotal time for Alberta Innovates, as the provincial government prepares to cut its funding to the agency by nearly 30 per cent over the next two years — a roughly $60-million annual reduction that CEO Michael Mahon called 'fairly significant.'
Article content
Article content
Despite the looming cuts, Mahon sounded optimistic about the organization's future as it prepares to unveil a new strategic direction later this week.
Article content
Article content
'Innovation evolves, our ecosystem changes, and so our programs need to change in response to that,' said Mahon on his first day as permanent CEO, after serving in an interim capacity since last summer. 'Our programs are really meant to respond to that evolution and to ensure that the funding that we provide is focused in areas that really are areas that are going to help push and pull Alberta along.'
Article content
Provincial funding is set to fall from $197.6 million in 2025-26 to $137 million in 2026-27, before dropping further to $131.5 million in 2027–28. That includes a $20-million reduction in project-specific grant funding starting in 2026-27.
Article content
Mahon said the cuts present an opportunity for the agency to focus on high-impact areas and diversify funding sources, noting his organization is not alone in seeing its funding slashed. 'This is not singling out Alberta Innovates,' he said. 'This is the reality of the world that we're in at this moment — that we have challenges from an economic standpoint.'
Article content
Article content
Alberta Innovates is set to unveil a new strategic plan on Friday — the result of an 11-month review of all Alberta Innovates programs, led by Mahon, that he said will see some initiatives being scaled back or phased out.
Article content
'Part of our responsibility as an organization is to . . . look at new ways to do what we do to make sure that we're doubling down on the areas that are most important, but also look for new funding sources to help to support the innovation ecosystem,' he said. 'What I've been asked to do in this next phase of my journey (as permanent CEO) is to help bring that strategy to life.'
