The Opportunity Calgary Investment Fund (OCIF) is investing CAD3.9 million over four years into The Aerospace Innovation Hub (AIH). The hub is managed by Innovate Calgary with participation of the inaugural industry partners: WestJet, Calgary Airport Authority, and Chapter.ai Ventures.
Between 2024 and 2028, the AIH is expected to support incubator programming for up to 180 companies and create 150 net new skilled, indirect jobs. As part of this, the AIH will directly fund six companies through the accelerator program aimed at upskilling and attracting talent to the province.
“By making this investment, we are fortifying Calgary as an aerospace centre of excellence,” said Brad Parry, CEO, Opportunity Calgary Investment Fund and President and CEO, Calgary Economic Development. “Innovators will be able to create, test, and scale their ideas more effectively while existing industry players gain visibility and input into up-and-coming technologies. It’s a win-win for the sector and for the ongoing diversification of our economy.”
Through the provision of resources available from OCIF funding, the hub is expected to generate CAD1.5 million of research and development and 40 patents supported through ElevateIP Alberta.
The new investment from OCIF, along with the participation of formal industry partners, enhances the initial funding commitment of over CAD2.5 million from PrairiesCan to the Aerospace Innovation Hub. This was originally announced in June 2023.
The AIH is currently accepting new companies looking to expand to or within Calgary. Entrepreneurs, start-ups, scale-ups and large corporate partners from aerospace and advanced manufacturing sectors are invited to join the AIH, adding their ideas and expertise to build a world-renowned aerospace hub.
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