On Wednesday, Calgary’s BMO Centre was abuzz with activity as throngs of individuals—including business founders, financiers, and pioneers—congregated for Inventures 2025, the premier event hosted by Alberta Innovates. This gathering zeroes in on stimulating cooperation and forging international alliances within the realms of technology and innovation.
The three-day event, running Wednesday to Friday, comes at a pivotal time for Alberta Innovates, as the provincial government prepares to cut 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.”
Even with the impending reductions, Mahon remained upbeat regarding the organization’s prospects as they gear up to reveal a fresh strategic plan later this week.
Innovation progresses, and our environment adapts; therefore, our initiatives must evolve accordingly,” stated Mahon on his inaugural day as the permanent CEO, having served in an interim role since the previous summer. “These programs aim to address this progression and guarantee that the support we offer targets sectors which will significantly aid in advancing and supporting Alberta’s growth.
The provincial financial support will decrease from $197.6 million in the fiscal year 2025-26 to $137 million in 2026-27, and then further decline to $131.5 million in 2027-28. This reduction includes cutting project-specific grant funds by $20 million beginning in the fiscal year 2026-27.
Mahon stated that the budget reductions offer an occasion for the organization to concentrate on impactful sectors and broaden financial resources. He pointed out that his group is not the only one experiencing reduced funds. “It’s not just targeting Alberta Innovates,” he explained. “We’re facing the current global economic situation which brings various difficulties.”
On Friday, Alberta Innovates plans to release a fresh strategic blueprint following an extensive 11-month evaluation of all their programs, overseen by Mahon. This process may lead to certain initiatives being reduced or eventually discontinued.
“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.”
Alberta Innovates remains ‘a key partner,’ says province
In an email, Jonathan Gauthier, press secretary to Technology and Innovation Minister Nate Glubish, noted some of the cuts were tied to “ongoing fiscal sustainability initiatives” and others to “natural conclusion of project-specific grant commitments.” He said the innovation agency remains “a key partner” in implementing the Alberta Technology and Innovation Strategy.
He stated that the organization’s updated strategic plan “aims at energizing innovation within Alberta, sustaining the province’s position as a leader, and promoting economic expansion in critical, high-impact sectors.”
In light of these alterations, Alberta Innovates will concentrate on initiatives with significant impact that align with governmental objectives, possibly discontinuing lower-impact programs or integrating those that overlap across functions.
Now in its eighth year, the Inventures conference features panels, keynote speakers and networking opportunities, under this year’s theme of “partnerships.”
As Inventures kicks off, Mahon states that the aim of the conference is to highlight Alberta’s innovative capabilities.
It’s also about attracting individuals from beyond Alberta to explore our ecosystem and consider ways we can collaborate with them both within Canada and internationally,” he stated. “This truly presents an occasion to highlight innovation and all that is happening in terms of innovation in Alberta.
Premier Danielle Smith is set to join former BlackBerry executive Jim Balsillie for a fireside chat on the future of innovation Friday afternoon.
NoBrennan@postmedia.com
