The University of Alberta has a long history of innovative thinking and entrepreneurialism – it’s a core part of our DNA. From advancements in the energy secretary and the latest developments in AI to artificial limbs and the development of quantum canola, researchers at the U of A have led the way in developing innovations that have changed the world.
Research remains one of our core strengths at the U of A. Every day, we're making remarkable research discoveries. We’re cultivating entrepreneurs. And now, we have taken the next step so that our faculty and students can turn today's ideas into tomorrow's innovations.
To help grow the entrepreneurial ecosystem here in Alberta and to ensure that great ideas get the critical funding they need, we launched the University of Alberta Innovation Fund. This venture capital fund will invest in startup ventures working to solve some of society’s most pressing challenges.
Thanks to the generous support of our visionary donors – including the Government of Alberta – the University of Alberta Innovation Fund will be a game-changer for our community and our university, offering entrepreneurs the critical funding they need to move ideas from the lab bench to the marketplace.
The fund launched with almost $5 million in donations, and this is just the beginning. We have the ambitious goal to grow the fund to more than $50 million over the next five years to empower innovative startups to unlock their potential. In addition to financial help, the fund offers mentorship and advice to entrepreneurs and also helps connect them to the larger innovation ecosystem in Alberta.
The fund is an independent entity wholly owned by the university, with a board composed of experts led by Board Chair Darin Rayburn and a talented staff led by CEO Sheetal Walsh. The fund will conduct careful due diligence on potential investments and recommend opportunities to the U of A. The fund will support innovative ventures in artificial intelligence, health, energy and agriculture – all areas highlighted in our new strategic plan, Shape.
The fund has already made its first investment in RLCore Technologies, an ambitious AI startup. The Edmonton-based company is led by CEO Marth White, an associate professor in the Faculty of Science and Canada CIFAR AI Chair at the Alberta Machine Intelligence Institute.
Many people were involved in getting this project off the ground – the Innovation Fund has been in development for more than a year. I want to thank everyone for their tireless work bringing this project to life.
Bill Flanagan
President and Vice-chancellor