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A $3.9-million increase in a brand new innovation “hub” will assist Calgary’s burgeoning aerospace sector soar to new heights.
The multi-million-dollar funding within the College of Calgary’s new Aerospace Innovation Hub (AIH) was introduced Monday and includes numerous companions, together with Calgary Financial Improvement (CED), the College of Calgary, WestJet, the Calgary Airport Authority and Chapter.ai Ventures.
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The funding comes from CED’s Alternative Calgary Funding Fund (OCIF), which has dedicated greater than $86.2 million to twenty-eight initiatives for the reason that Metropolis of Calgary established the fund in 2018 as a catalyst to spur financial funding.
With the OCIF funding in place, the AIH — akin to a laboratory — intends to help incubator programming for as much as 180 firms by 2028.
The hub may even immediately fund six firms by way of an accelerator program, with the objective of each upskilling entrepreneurs and attracting new expertise to Alberta.
In keeping with a CED information launch, aerospace start-ups and entrepreneurs that entry the AIH will obtain funding, enterprise help and the platform to check their applied sciences in a sensible setting.
Brad Parry, Calgary Financial Improvement’s president and CEO, referred to as Monday’s collaboration a win-win for the aerospace sector and for the “ongoing diversification” of Calgary’s economic system.
“By making this funding, we’re fortifying Calgary as an aerospace centre of excellence,” he mentioned within the launch.
“Innovators will be capable of create, take a look at, and scale their concepts extra successfully whereas current trade gamers acquire visibility and enter into up-and-coming applied sciences.”
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The AIH additionally hopes to generate $1.5 million price of analysis and improvement and help 40 patents by way of ElevateIP Alberta.
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The Calgary Airport Authority will present the bodily house for the hub on the Calgary Worldwide Airport, offering innovators the prospect to use their options to real-world eventualities.
WestJet would be the hub’s anchor airline, whereas Chapter.ai Ventures will present entry to capital and funding help.
U of C president Dr. Ed McCauley mentioned the AIH is the fourth addition to the college’s community of innovation “hubs.” The community additionally consists of the Life Sciences Innovation Hub, the Vitality Transition Centre and the Social Innovation Hub.
“With this funding, we’re excited to bolster assets tailor-made particularly for aerospace and superior manufacturing ventures, bettering our place as a magnet for visionary companies and innovators,” he mentioned in CED’s information launch.
The AIH is at the moment accepting new aerospace entrepreneurs, start-ups, scale-ups and huge company companions which are desirous to increase to or inside Calgary.
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