Alberta
Edmonton triples venture capital investment in 2023
Alberta’s tech sector continues its strong momentum, with Edmonton seeing its strongest growth ever, proof Alberta remains a hot tech market.
As global and national investment have declined, Alberta has remained a strong tech market and is showing continued leadership, as shown by Pitchbook ranking Calgary as the 12th fastest-growing tech ecosystem in the world and LinkedIn ranking Calgary as one of the best places to hire and recruit tech workers.
At the end of 2023, Alberta’s five-year growth rate for venture capital dollars invested reached an impressive 48.5 per cent, more than triple Canada’s compounded average growth rate of 13 per cent, according to the 2023 Canadian Venture Capital Private Equity Association fourth-quarter report.
The province’s growth rate means Alberta finished 2023 with $707 million invested over 86 deals, in line with Alberta’s 2022 record-breaking year. In contrast, Canada ended the year with a 31 per cent decline in investments. Over the past five years, Alberta technology companies have secured more than $2.7 billion in venture capital funding across 350 deals, creating thousands of jobs for Albertans.
“While Canada as a whole saw massive declines, Alberta has held steady. We are a major venture capital player in Canada, as technology drives growth across all sectors.”
Alberta’s two largest cities continued to attract investment dollars in 2023, with Calgary and Edmonton coming in fourth and fifth respectively for number of deals, with $501 million invested in 64 deals in Calgary and $188 million invested in 21 deals in Edmonton. Edmonton saw a 324 per cent increase from $58 million in 2022 to $188 million in 2023. In total, Alberta captured 10.3 per cent of dollars invested in 2023 and 13 per cent of venture capital deals in Canada.
“Edmonton’s tripling of venture capital investment in 2023 underscores our city’s position as a dynamic tech capital within Alberta’s thriving innovation ecosystem, reaffirming our role as a powerhouse driving technological advancement and economic prosperity across diverse sectors. It is the local innovators’ relentless pursuit of solutions to real-world problems, with the continuing support of the Government of Alberta, which not only attracts significant investment but also propels our city to the forefront of Alberta’s tech revolution and fosters job creation for our community.”
“At Platform Calgary we are working with our partners to continue this momentum by linking up high potential tech startups with the investors that can help them take their businesses to the next level. The evidence is clear, Alberta is emerging as one of the most exciting and resilient tech ecosystems in the world. Together with our growing tech community, we can secure Alberta’s position as the best place in the world for anyone to launch and grow a tech business.”
Alberta remains a growing market for the technology and innovation sector, and Alberta’s government celebrates its steady contribution to the Alberta economy, including in the fourth quarter of 2023. The end of last year saw venture capital investments in the province increase by 35 per cent for dollars invested and 19 per cent for deals closed compared with the third quarter. There were 25 deals closed valued at a combined $173 million in the fourth quarter of 2023.
Related information
Alberta
Fortis et Liber: Alberta’s Future in the Canadian Federation
From the C2C Journal
By Barry Cooper, professor of political science, University of Calgary
Canada’s western lands, wrote one prominent academic, became provinces “in the Roman sense” – acquired possessions that, once vanquished, were there to be exploited. Laurentian Canada regarded the hinterlands as existing primarily to serve the interests of the heartland. And the current holders of office in Ottawa often behave as if the Constitution’s federal-provincial distribution of powers is at best advisory, if it needs to be acknowledged at all. Reviewing this history, Barry Cooper places Alberta’s widely criticized Sovereignty Act in the context of the Prairie provinces’ long struggle for due constitutional recognition and the political equality of their citizens. Canada is a federation, notes Cooper. Provinces do have rights. Constitutions do mean something. And when they are no longer working, they can be changed.
Alberta
Pharmacist-led clinics improve access to health care: Lessons from Alberta
News release from the Montreal Economic Institute
In Canada, 35 per cent of avoidable emergency room visits could be handled by pharmacists.
Emulating Alberta’s pharmacist-led clinic model could enhance access to primary care and help avoid unnecessary emergency room visits, according to a new study from the Montreal Economic Institute.
“Pharmacists know medication better than anyone else in our health systems,” explains Krystle Wittevrongel, senior public policy analyst and Alberta project lead at the MEI. “By unlocking their full potential in prescribing and substituting medications, Alberta’s pharmacist-led clinics have helped avoid tens of thousands of unnecessary emergency room visits.”
Pharmacists in Alberta have the largest prescribing authority in the country, including the ability to prescribe schedule one drugs with special training.
Unlike in Ontario and Manitoba, Alberta pharmacists are authorized to substitute prescribed medications, which can help address issues such as adverse reactions caused by interaction with other treatments.
The study explains that this can help reduce pressure on hospitals, as prescription-related issues account for more than 10 per cent of emergency room visits.
Alberta’s first pharmacist-led clinic, in Lethbridge, sees between 14,600 and 21,900 patients per year since opening in 2022.
It is expected that there will be 103 such clinics active in the province by the end of 2024.
The researcher also links the success of the pharmacist-led clinic model in Alberta to pharmacists’ expanded scope of practice in the province.
Among other things, Alberta pharmacists are able to order and interpret lab tests, unlike their counterparts in British Columbia, Ontario, and Newfoundland and Labrador.
A 2019 peer-reviewed study found that pharmacists could handle 35 per cent of avoidable emergency room visits in Canada.
“By enabling pharmacists to play a larger role in its health system, Alberta is redirecting minor cases from emergency rooms to more appropriate facilities,” said Wittevrongel. “Just imagine how much faster things could be if pharmacists could take care of 35 per cent of the unnecessary load placed on Canada’s emergency rooms.”
The MEI study is available here.
* * *
The MEI is an independent public policy think tank with offices in Montreal and Calgary. Through its publications, media appearances, and advisory services to policy-makers, the MEI stimulates public policy debate and reforms based on sound economics and entrepreneurship.
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