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NDP touts venture capital funds to strengthen Alberta’s growing technology sector

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The Alberta NDP Opposition is proposing a government-backed venture fund to take advantage of the technology sector, which is better than others in overcoming the COVID-19 pandemic.

Rachel Notley, the leader of the new Democratic Party, likened the idea of ​​a $ 200 million Alberta venture fund to invite equity investments from Alberta to the Ernest Mannings Great Canadian Oil Sands Project, a former social credit premier. ..

Is it growing fast enough to compensate for the successful Alberta surge that many other jurisdictions have acquired as a result of the state’s lack of active involvement? Notry said on Monday in Calgary.

NDP aims to revive mediation programs such as digital media tax credits and invest in research. This is because the state has seen record investments in technology and artificial intelligence. Jobber, an online platform based in Edmonton, announced that it had raised US $ 60 million in investment in January.

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According to Notley, if the UCP government didn’t pull the rugs under these programs, we can now see more activity.

In a statement, Employment, Economy and Innovation Minister Doug Schweitzer noted that NDP economic development and innovation critic Delon Billows acknowledged the growth of tech jobs and sectors in his report. He said he was happy to see it.

He said he was looking forward to discussing his proposal to see the continued growth of Albertus’ technology industry.

Last year, the government announced that Alberta Enterprise Corporation, which aims to support technology start-ups, will total $ 175 million over three years, covering up to 20% of R & D spending in January. We have started the Innovation Employment Grant.

But Liveweb founder and CEO Trent Johnsen said gaps in government support, such as the lack of tax credits for investors, are blocking Alberta.

As Albertin, our ability to succeed in an economy based on this new innovation determines how successful we are as a state, our quality of life, and the quality of life for children in the 21st century. He said at the NDP News Conference that he would.

Johnsen and Notley said the recent good news from this sector is the result of resilience and effort.

According to Johnson, these recent Alberta technology success stories are actually happening, despite the government at the time choosing not to participate or support.

Access to capital and a talented and creative workforce will attract businesses to the state, according to Johnson.

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Bilous added that quality of life is a higher priority for businesses than the low 8% tax rate implemented by the UCP government.

The latest edition of a series of NDP discussion papers includes initiatives that, when adopted together, would cost an estimated cost of over $ 500 million over five years.

A few days before Alberta was set to announce a tight pandemic budget, Notley said the state’s debt-to-GDP ratio was important but should not be a definitive measure of economic planning.

Job creation is fundamentally the most important tool for me, Notley said.

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