The Alberta provincial government has recently implemented a five-year plan that will see $100 million in AI funding provided to focused companies.
Premier Rachel Notley hopes the funding received will support new companies to commercialize and help Alberta sustain its competitive advantage in AI talent.
The government, both provincial and federal, looks for opportunities to promote innovative activities. Canada is home to one of the most generous tax incentive programs in the world. The government provides incentives, such as tax deductions and refunds, for companies to undertake certain activities.
Of the $100 million, $27 million was invested in the Alberta Machine Intelligence Institute (Amii), one of the world’s top AI research groups/programs. Amii will use the funding provided to leverage partnerships with Alberta universities, support companies building in-house AI technologies, and establish a new office in Calgary to expand their operations.
As for the remaining funding, it was mostly allocated to the Alberta Innovates, the leading provincial research, and innovation agency. They plan on using the funding to expand their work in the AI sector, grow the company, and accelerate research and development.
Together, Amii and the Alberta Innovates will support innovation growth and technological advancement through an expected 5,600 new jobs and 100+ companies across the province.
The Alberta government highlights the fact that the province must continue to innovate in order to stay competitive in the AI industry and digitally transform into a data-enabled economy.
According to John Shillington, CEO of Amii, “Businesses around the world are turning to machine learning and artificial intelligence as key drivers of innovation across every industry sector.”
Innovation is critical for companies to be competitive and without a long-term plan for diversified commitment, Alberta could lose their competitive advantage regarding artificial intelligence. The opportunities that advanced technologies are providing us are more accessible to us than they have ever been before.
Companies should learn to utilize the resources available to them regarding both provincial and federal funding in order to be successful within their given industry. Learn more about Provincial & Territorial R&D Tax Credits
All in all, the $100 million in funding will provide more than just the current monetary value to companies. The Alberta government expects this funding to leverage more than $207 million in investments by the industry and create $1.5 billion in value to Alberta businesses, including Amii-affiliated companies.
With Alberta researchers already being ranked as the third-best in the world, provincial leaders want to continue these efforts and maintain themselves as industry leaders.
Society is currently living in a time where innovative growth and technological advancement is greater than it ever has been before as companies are forced to adapt/innovate in order to thrive.
If your company is partaking in innovative activities or seeking financing, contact EVAMAX today to discover the potential entitled benefits your company is missing out on.