In this episode of The Business Development Podcast, Kelly Kennedy sits down with Derek Armstrong, Director of Calgary Economic Development and former Manager of Innovation Ecosystems at Prairies Economic Development Canada. They dive deep into the role of PrairiesCan in driving economic growth and diversification across Alberta, Saskatchewan, and Manitoba. Derek shares insights on how PrairiesCan is fueling innovation by investing in key sectors such as clean tech, ag tech, and life sciences, while also emphasizing the importance of collaboration and ecosystem building. The discussion highlights the various challenges faced by entrepreneurs, including access to capital, talent acquisition, and navigating the complex landscape of available resources.

Throughout the conversation, Derek underscores the significance of regional economic development agencies like PrairiesCan in shaping the future of Alberta’s economy. He discusses the strategic initiatives and partnerships that are empowering local innovators and entrepreneurs to thrive, offering a glimpse into the impactful work being done to create a more resilient and diversified economic landscape in the Prairies. Whether you’re an entrepreneur, a business leader, or someone interested in economic development, this episode provides valuable insights into the opportunities and support systems available in Alberta and beyond.

Key Takeaways:

1. PrairiesCan focuses on diversifying the economy in Alberta, Saskatchewan, and Manitoba through innovation.

2. The agency provides crucial financial and non-financial support to help businesses scale and succeed.

3. Collaboration within the innovation ecosystem is vital for entrepreneurial growth.

4. Access to capital, talent, and infrastructure are the main challenges for entrepreneurs in the Prairies.

5. PrairiesCan prioritizes high-growth sectors like clean tech, ag tech, and digital tech.

6. The energy transition sector, particularly hydrogen, is a major economic opportunity for Alberta.

7. The agency supports initiatives that can be scaled across multiple provinces, ensuring regional growth.

8. PrairiesCan advocates for regional economic needs within the federal government.

9. Entrepreneurs are encouraged to leverage available resources and not go it alone.

10. Diverse perspectives are essential for addressing Alberta’s energy future and driving innovation.

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