Even before the COVID-19 pandemic, many of Edmonton’s businesses were feeling the impact of the economic slowdown. It has been an incredibly challenging time.
But I know Edmontonians have the talent, skills and determination needed to rebuild and strengthen an economy that lets everyone participate and benefit. We just need to make sure the City is a catalyst for those assets.
Diverse businesses and industries create an economic ecosystem that can adapt, grow and thrive. We can make operating a business in our city easier, support our growing technology sector, enhance our commercial and cultural hubs, while also supporting Edmonton’s remarkable creative community. It is important to invest in innovation in Edmonton’s existing industries and businesses, as well as attract new industries and talent. We need to demonstrate a sustained, long-term commitment to supporting investment in our innovation ecosystem.
As part of my economic development policy, I will work with City Council, industry and our existing economic development partners to create a City of Edmonton Innovation Fund. The Innovation Fund will support the expansion of innovative Edmonton businesses and help bring in jobs and investment from companies looking to establish in Edmonton.
If elected mayor, my goal will be to build a program that offers transparency, fairness and predictable funding for qualified organizations. Our municipal government, much like many people that it serves, is operating in a difficult financial situation. Now, more than ever, any spending must have a measurable benefit to taxpayers. Support from the Innovation Fund will depend on tangible outcomes such as construction or expansion of facilities, and new jobs.
The fund will encourage strategic investments in Edmonton by providing funding for local companies looking to make major expansions to their operations, or companies outside Edmonton looking to establish or expand a significant footprint here.
Modeled on initiatives like the Opportunity Calgary Investment Fund (OCIF), this fund will promote business activity, new employment, and strategic investment in targeted growth sectors.
The fund will allow Edmonton to make key investments to leverage existing advantages in our innovation ecosystem, including our highly skilled workforce, partnerships with the postsecondary sector, and renowned expertise in areas like artificial intelligence and machine learning, energy transitions, life sciences, advanced manufacturing and others. By building on these assets, we can not only attract and retain investment, but also build a stronger ecosystem to grow these sectors for the long term.
Funding will be tied to companies achieving key milestones, such as expansion/creation of new facilities, and new job creation. The previously announced Business Advocate Office will support applicants through the process, with particular attention to ensuring businesses owned or led by people from equity-seeking groups have support to compete for funding.
As Mayor, I will work with Council and administration to find funding within discretionary spending to commit for at least five years, and to set up a governance structure that ensures transparency and fairness in decision-making, and accountability for money spent and outcomes promised from recipients. The fund will leverage investments that in turn support growth in our industrial tax base. That governance structure will include expert review and input into the granting process from both the local innovation community and outside experts.
Potential innovation fund users could include:
We know how much Edmonton has to offer: a skilled workforce, postsecondary institutions that support world-class research efforts, and a collaborative and hardworking private sector. There are also many lifestyle advantages such as a reasonable cost of living, an active and diverse cultural scene, and many recreational opportunities.
An Innovation Fund will help us harness all those advantages to promote Edmonton’s recovery and continued prosperity.
