EDMONTON – Premier Rachel Notley says entrepreneurism is the key to Alberta’s economic revival and one never knows where another Silicon Valley will spring up.
Notley told about 2,000 people at what was billed as a state-of-the-province address that innovation can come from unexpected places.
She noted that tech giants such as Apple and Google got their start in garages, and that oilsands technology unlocked billions of dollars in wealth for Alberta.
“It’s a powerful example of what can happen when creative minds come together in an environment that supports innovation and gives great room for ideas to grow,” Notley said at an Edmonton Chamber of Commerce luncheon.
“That’s the province Alberta once was, and that’s what we need to become again.
“We have incredible advantages: outstanding universities, (a) strong manufacturing base and a smart young and diverse population.”
Her government is undertaking numerous initiatives to diversify Alberta’s oil-based economy, she said. Notley noted that in last week’s budget the province announced it will increase the resources available to ATB Financial by $1.5 billion so that the Crown-owned bank can offer loans on commercial terms to help businesses grow.
There is also to be $50 million invested over the next two years into the Alberta Enterprise Corp. for the venture capital market. And $540 million from the long-term Alberta Heritage Savings Trust Fund is to go towards helping companies grow their business.
Opposition critics have said Notley is ignoring economic fundamentals to recovery by increasing corporate and personal income taxes and looking at boosting oil royalties.