MESSAGE FROM THE BOARD OF DIRECTORS CHAIR & THE CHIEF EXECUTIVE OFFICER

Through our funds and our industry development activities, we provide Alberta technology companies with more than just money, we provide them with critical access to markets, mentorship and management expertise. Our investment model is unique, as we are generating economic development in Alberta, while also creating long-term investment returns for the Province on its original investment.

We made our first investments in Venture Capital funds in 2010. Eight years later, we are seeing returns on our investments in terms of economic development in the region, financial return on our investments, as well as a developing and maturing Venture Capital industry. To date, we have attracted more than $400 million of investments into 35 Alberta technology companies. Every $1 invested by Alberta Enterprise has resulted in almost $4 of investments back into Alberta companies. At the same time, the $1 invested by Alberta Enterprise is currently worth $1.10, a value that will increase even further as our funds mature. Additionally, many of the organizations and events that we helped kick start, including the A100 and AccelerateAB, are now self-sustaining and provide key meeting points between mentors, investors and entrepreneurs.

The distributions from our investments has outpaced our operating costs since our inception. By adhering to stringent budgeting and operational practices that are respectful of our role as a taxpayer-funded entity, Alberta Enterprise has to date been a cost-neutral initiative for the Province.

Alberta Enterprise has produced strong short-term results that are transforming the technology and Venture Capital sector in Alberta. We continue to pursue our goal of creating a self-sustaining Venture Capital industry, resulting in a diversified, resilient economy – where Albertans will benefit from quality jobs, a high standard of living and a broad base of economic opportunities. There are now more Venture Capital funds active in the province than ever before and the investment ecosystem is flourishing. Although Alberta’s VC sector has achieved some scale, we are expecting the demand for capital will outpace the supply in the province, in particular for the earlier stages. Building a Venture Capital industry is a long-term project which requires patience and a continued commitment of capital, as well as ongoing encouragement to foster the Venture Capital community.

We will continue providing a Return on Innovation for the province, shaping Alberta into a formidable knowledge-based economy. With an active and sustainable Venture Capital industry in place, Alberta will be globally-recognized as an increasingly competitive and attractive environment that embraces the business opportunities of the future.