News Summary

Calgary’s City Council has approved a $60 million investment to support the Opportunity Calgary Investment Fund (OCIF) over the next four years. This initiative aims to foster economic growth by scaling local businesses and attracting talent. The fund, part of Calgary Economic Development and led by CEO Brad Parry, will receive $15 million annually from the city’s Fiscal Stability Reserve. Since its inception in 2018, OCIF has been instrumental in driving innovation and creating over 3,000 jobs by investing in tech companies like AltaML, Harvest Builders, and Thin Air Labs. The recent investment arrives at a crucial time as OCIF’s remaining funds are projected to run out by 2025. The funding aligns with larger efforts by Alberta to boost the tech industry, as seen in programs by Alberta Innovates and grants to companies like Fortinet. Calgary’s growing prominence as a tech hub was recognized by Startup Genome, highlighting its ecosystem alongside Montréal and Ottawa.