Alberta plans to become a destination for tech ecologies

Canada Road Trip: BEST Things To Do In ALBERTA, CANADA! - YouTube 

In a recent news article I found online, Alberta is planning on becoming a "sandbox" for innovative financial tech firms. In the article it states that Alberta is hoping that new legislation will turn the province into a hot spot for financial technology and cryptocurrencies seeking the freedom they need in order to launch products and services. The companies that want to participate in this new hot spot for technology have to have detailed business plans and must also the applicant must be based in the province of Alberta. 

Do you think that this will work out and Alberta will become a new tech ecology in Canada and maybe even the world? Why or why not?

https://www.cbc.ca/news/canada/edmonton/alberta-wants-to-become-sandbox-for-innovative-financial-tech-firms-1.6402898

Comments

  1. Tony FengApril 2, 2022 at 10:13 PM

    Hi Peter! This is a very interesting plan. I actually have high hopes for Alberta to become a new hotspot for the tech industry. It can be a good thing for young people because housing in Alberta is much cheaper than it is in Toronto. if there is a place that is filled with new opportunities as well as being cheaper to live at, then it could grow incredibly fast. Maybe this is a sign that places with affordable homes can become new innovation tech spots because young people can’t afford homes in big cities and it’s usually young people who are innovators. Combining low cost of living with an environment to innovate can be a great thing for the future of tech and growing new communities.

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  2. Peter ClancyApril 10, 2022 at 11:42 AM

    Hey Tony, thanks for the response! I think the point you brought up with the affordable housing is a really interesting. Like you mentioned, having a low cost of living paired with an environment to innovate seems like an amazing combination. However, if it does start to become more popular, a possible problem could be that the cost living may rise and it would be more similar to other tech ecologies we already have like here in Kitchener/Waterloo. I guess time will tell!

    ReplyDelete
  3. Tyler McRaeApril 18, 2022 at 6:11 PM

    Hi Peter,
    I would argue that there is a good chance it could work but nothing is a sure thing. Like Silicon Valley, it helps a lot if the province and federal government offer packages, benefits and exemptions for companies to get their start in developing and attracting investors to create a product or service. I think this "sanbox" helps out heavily trafficked areas like Montreal, Vancounver, Toronto with creating new opportunities and solving small problems whethere economic or social as well. I feel Canada has been looking for opportunites to create a bigger national identity internationally so it can continue to grow the country as a whole and with the rise of tech reliance, this maybe just what Canada needs.

    ReplyDelete
  4. UnknownApril 19, 2022 at 6:42 AM

    Hello! Interesting post! I think with the move from working from home with a lot of companies this could be a possibility, as it is cheaper to live, and therefore cheaper to grow rather than renting space in downtown toronto. I also think working from home would allow Alberta to still make connections world wide, rather than again, having to be right downtown. - Julia

    ReplyDelete
  5. Benhur G.April 19, 2022 at 8:38 PM

    Hi Peter,

    One of the readings we had touched upon how a region can become an entrepreneurial ecosystem for new ventures. It was The Relational Organization of Entrepreneurial Ecosystems, written by Ben Spigel. After reading this article, I definitely think that Alberta can become a hotspot for tech startups as it has many of the necessary elements. However, I would like to research how much focus the university of Alberta puts into its math, science, and technology programs, which would generate a continued access to skilled workers by companies moving there. Also, the government policies would definitely help attract entrepreneurs towards the area.

    ReplyDelete

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