Alberta is a great home for life science companies 

Alberta has long been a powerhouse of life science reasearch and is committed to building a strong industry.  It is home to more than 150 life science companies and growing.  According to the Deloitte and BioAlberta 2009 State of the Industry Report:

• The majority of companies are located in the Edmonton and Calgary regions and operate in the health biotechnology and medical devices & equipment sectors.
• Alberta bioindustry revenues for 2008 were estimated to be approximately CDN $749million.
• Bioindustry directly employed over 4,500 workers in Alberta in 2008 and indirectly created approximately 18,000 jobs in the province.
• Total R&D spending for 2008 was approximately $137 million.

Support for INNOVATION

The Government of Alberta is taking concrete action to expand the bioindustry in Alberta. It has created a nine step action plan to help companies grow and compete successfully in world markets. Implemented at the start of 2009, the province’s Scientific Research and Experimental Development (SR&ED) tax credit is worth 10% of a company’s eligible expenditures (up to $4 million). The government has also created a $100 million Alberta Enterprise Corporation to attract and strengthen venture capital investments. These initiatives are among many the government is implementing in an effort to bolster technology companies and products in the province.

Competitive TAX ENVIRONMENT

Alberta has one of the most competitive business tax environments in North America – and it keeps getting better for companies of all sizes. In 2006, the Government of Alberta reduced its general corporate income tax rate to 10% and as of 2009, its combined federal/provincial corporate tax rate is 29%. Additionally, the Government of Canada is reducing the general corporate income tax rate from 19% to 15%, in 2012. Alberta doesn’t impose provincial capital taxes, payroll taxes, or provincial sales Tax, and offers a publicly funded health-care insurance system.

Exceptional INFRASTRUCTURE and PEOPLE

Researchers in Alberta have access to some of the leading technology in the world, housed at some of the world’s strongest universities and research institutions. The province invests millions of dollars into infrastructure on an on-going basis to ensure the sustainability and long-term success of Alberta research. This infrastructure helps the province attract and retain top talent.

Access to FUNDING

Numerous sources of funding are available to fuel research and commercialization in Alberta, such as the Alberta Enterprise Corporation (a $100 million venture fund).  Alberta’s bioindustry has access to a wide range of financial supports to help with every level of development, from early research and development to infrastructure. Here are a few of the funding opportunities currently available:

Alberta Enterprise Corporation supports venture capital firms who have demonstrated expertise in environmental, nano, life science or communication technologies. The $100 million investment is part of a provincial action plan to support technology companies in Alberta.

Bio-Energy Producer Credit Program distributes $209 million to assist with the production of biofuel or biogas in Alberta.

Bio-Energy Infrastructure Development Program offers $6 million to meet infrastructure needs and facilitation of new investment.

Biorefining Commercialization and Market Development Program provides assistance for expansion or new development of biorefining in Alberta. It provides grants to biorefiners to support analysis of new opportunities (evaluate and adopt new technologies), meeting market requirements, penetrating new markets and pursuing import replacement opportunities.

Agricultural Funding Consortium (AFC) is a cooperative group that fosters innovation by funding research and development. The group provides a one-window approach to funding applications.

Alberta Agricultural Research Institute (AARI) provides funding to projects devoted to advancing Alberta’s position as a global player in the agriculture and food sector.

AVAC Ltd. offers financial resources and coaching for Alberta’s value-added agricultural industry. Its IVAC Fund provides investment and other resources to life sciences enterprises and the Agrivalue Fund supports new and enhanced food products, as well as wellness products, bio-products and enabling technologies.

Alberta Ingenuity Fund is a $1 billion endowment established to build innovation capacity.

Alberta Science and Research Investment Program (ASRIP) is a $30 million competitive funding program designed to build Alberta’s capacity for innovation, and promoting initiatives of strategic benefit to the province.

Alberta Enterprise Fund is a R&D collaboration between Alberta researchers and multinational enterprises, which supports technology commercialization.