Alberta is launching new financial programs targeted at its innovation and technology sector less than one year after startups said that slashed tax credits and grants caused investment to leave the province.
The United Conservative Party government used its first budget in 2019 to outline more than $1-billion in spending cuts, including eliminating incentives for the technology industry. The government reversed course this week as it outlined research-and-development grants, as well as a $175-million program designed to help startups access venture capital.
People within the industry said the move signals a change in the government’s approach to diversify the economy at a time when investors and startups had started looking outside of Alberta.