INNOVATION IS KEY TO THE “NEW NORMAL”

“It’s no secret that innovative economies create highly skilled jobs, higher wages, more productivity and exports, and are generally more competitive.”

Innovation is key to growing Albert’a economy, expanding our markets and most importantly, generating new and different opportunities for Albertans. Often, people think that innovation is just technology – but it’s far greater than that.

• Alberta is home to Canada’s largest integrated provincial health-care system producing unprecedented amounts of data. Digital health technologies and artificial intelligence can accelerate improvements in nearly every aspect of the quality and long-term sustainability of our health system and the health of Albertans.
• Our agricultural sector is using advanced sensors, remote monitoring, automation, artificial intelligence and blockchain technology creating sustainable production, new digital jobs and improved food security at home and worldwide.
• Alberta is home to natural materials needed to responsibly supply global demand for carbon fibre, asphalt, polymers, vanadium and other innovative hydrocarbon products. Markets for these advanced materials are estimated to reach more than $212 billion by 2030.
• Alberta is a global leader in artificial intelligence and machine learning thanks to 20 years of publicly funded research. Artificial intelligence is estimated to add up to $16 trillion to global economic output over the next decade and is already transforming every sector and region.

Innovation isn’t new for Alberta. It’s been the backbone of our economy for a century and has lead to global leadership in many sectors.

Looking to the next 100 years, our support for innovators, entrepreneurship, and work with industry leaders must continue. Innovation will solve challenges and build new capacity in the digital economy – from health to smart agriculture and advanced hydrocarbons – all of which leverage existing advantages and strengths.

The creation and commercialization of new technologies and knowledge-based products is key to Alberta’s future. We have all the pieces in place to build a technology-rich economy that will allow us to compete with other global leaders. Alberta has an active investment capital market, leading universities and the supports to move startups to scale and market commercialization sooner.

It’s no secret that innovative economies create highly skilled jobs, higher wages, more productivity and exports, and are generally more competitive. Holding fast to the status quo is not an option – we need to support, celebrate and build up Alberta’s innovation culture – the unique combination of human ingenuity and resources which are abundant in Alberta. It’s going to take resolve and coordination to shift priorities and concentrate efforts that position Alberta for the advantages and opportunities a research and innovation economy can bring. But the size of the prize is immense.

Through innovation, we have the opportunity of a century to shape the future and to strengthen economic resilience for Albertans today and generations to come.