By Sheldon Spackman

Alberta invests $1.4B in agriculture innovation and job creation

Sep 29, 2020 | 4:05 PM

The Alberta government has announced further supports for the province’s agriculture sector aimed at building value-added capacity and bolstering economic activity.

The plan is said to aggressively pursue private investment attraction with a target of $1.4 billion.

As part of Alberta’s Recovery Plan, officials claim the investment attraction initiative will create more than 2,000 jobs and get Albertans back to work in emerging sectors like hemp, agri-technology and value-added processing of grain, oilseed, plant protein and meat.

Olds College, with the Alberta Government’s investment of $200,000 from the Canadian Agriculture Partnership (CAP) through Agriculture and Forestry, will partner with THRIVE’s Canada accelerator and startup program, which focuses on technology-driven solutions to support agriculture and food sectors.

The initiative is anticipated to build on the Alberta government’s commitment of $1 million, made Sept. 21, to Olds College for its Smart Agriculture Applied Research program.

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“Agriculture in Alberta will lead our economic recovery in Alberta,” says Devin Dreeshen, Minister of Agriculture and Forestry, in a press release. “Alberta’s farmers, ranchers and processors are global leaders in innovation, making Alberta the best place in the world to invest. Together, Olds College, SVG Ventures and strategic investors like the Agriculture Financial Services Corporation will deliver on projects that will support Alberta entrepreneurs and strengthen our supply chain.”

“Supporting technology startups will help keep Alberta’s agriculture and agri-food sector on the cutting edge of innovation, while creating jobs,” adds Marie-Claude Bibeau, Minister of Agriculture and Agri-Food. “Our farmers and food businesses are leading our country on the road to recovery, and our government will continue to invest in them to help them grow and succeed.”

Provincial officials say THRIVE will help strategically develop Alberta’s agri-food system by providing guidance on high-value cluster opportunities, supporting startups, increasing Alberta’s exposure to Canadian and international companies, and strengthening supply chains with industry-supported technology.

These supports are expected to attract investment by demonstrating Alberta’s commitment to fostering a competitive business environment.

“We’ve had a banner year but we’re just starting to scratch the surface on our potential to grow our agricultural sector,” says Doug Schweitzer, Minister of Jobs, Economy and Innovation. “Smart investments and partnerships like the one we’ve made with Olds College and THRIVE will allow us to be leaders in agri-tech. Being a leader in agricultural innovation will create high-paying jobs here in Alberta.”

Alberta’s government is also supporting new startups looking to enter the value-added industry by providing a single-window support for business and product, leveraging the new $15-million lending limit of the Agriculture Financial Services Corporation, investing $25 million in expanding the Agrivalue Processing Business Incubator in Leduc and by investing $0.7 million in fibre and plant based protein processing facilities in Vegreville.

“We are delighted to expand our SVG|THRIVE Innovation and Investment Platform to Alberta and announce our THRIVE Canada Challenge Program in partnership with Farm Credit Canada and Olds College,” says John Hartnett, chief executive officer and founder, SVG Ventures|THRIVE. “These partnerships exemplify our focus on global entrepreneurs and continued commitment to solving the critical challenges facing the global agri-food sector.”

“The Olds College Smart Farm is focused on building and supporting a broad-based agriculture innovation ecosystem that connects researchers, technology companies, producers, manufacturers, retailers and learners to accelerate the development and adoption of technology and practice, and enhance the economic impact of Canada’s agriculture sector,” points out Stuart Cullum, president, Olds College. “Olds College’s collaboration with SVG Ventures strengthens Alberta’s platform to support early-stage companies by connecting with SVG’s global network of entrepreneurs and corporate clients that are looking to invest in the agriculture sector here in Canada.”

Alberta’s government will also work to provide targeted trade services that will enhance the sector’s export abilities and expand access to international markets.

Between 2015 and 2018, value-added processing gross domestic product (GDP) grew by 14 per cent, reaching $3.5 billion, while sales reached $15.5 billion – a 17 per cent increase.

These growth rates amounted to more than four times the growth rates in GDP and more than twice the sales values of the rest of Alberta’s manufacturing industries combined.