2024: A recap of how the AB Tech Ecosystem Performed

B+ for Tech Thursday, but the Calgary Ecosystem received...

With 2024 coming to a close, Tech Thursday hosted its last panel of the year titled ‘Report Card: How the Alberta Tech Ecosystem Performed in 2024’. Below, we’ve written a brief recap of the events key points, as well as the areas for opportunity in 2025.

But quickly, we wanted to share some stats on how Tech Thursday in Calgary performed in 2024:

• 46 Events

• 7,880 RSVPs to our events

• 176 Avg. RSVPs translating to about 100+ people in-person every single week

• 180 panelists from 180 different tech companies

• 5,248 new followers on LinkedIn

• 7,131 subscribers to this newsletter

So, what grade do we give ourselves? We’d give us a B+ in 2024, some great numbers but a lot of room to grow if we want to put the Calgary Tech Ecosystem on the map. In the new year, we want to grow our presence across Canada and North America, both by expanding our digital reach, but also by bringing in more speakers from out of town. With that in mind, if there are any speakers you’d love to hear from – drop a comment below!

We couldn’t have done this without our incredible sponsors Neo Financial, SkipTheDishes, Calgary Economic Development, Manitoba Technology Accelerator, Float, Google Cloud, and Confluent.

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Ok, how did the Alberta ecosystem perform in 2024? We asked prominent members of the tech sector what they thought:

• Derek Armstrong, Director of the Opportunity Calgary Investment Fund (OCIF)

• Sandi Gilbert, CEO at InterGen

• Kristina Williams, CEO at Alberta Entreprise Corporation (AEC)

• Neeraj Gupta, Chief Advisor for Technology & Innovation Investments at Invest Alberta

Here are the key points shared at the last Tech Thursday of the year in Calgary!

From left: Derek Armstrong, Sandi Gilbert, Kristina Williams, Neeraj Gupta

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🚀 Achievements of our ecosystem in 2024

1. Strong Deal Flow:

   1. Alberta captured 15% of all tech deals in Canada, exceeding its proportional representation in the national economy.

   2. Despite a downturn in Venture Capital deals across Canada, Alberta saw increased activity, especially in early-stage companies.

2. Significant Venture Capital Growth:

   1. Since 2009, venture capital investments have increased by 1,000%, rising from $62 million in 2009 to $707 million in 2023.

   2. This is the result of a strong emphasis on local and external investor engagement.

3. Community and Ecosystem Building:

   1. Alberta continues to see high levels of collaboration between entrepreneurs, investors, and government entities.

   2. This wasn’t necessarily the case 10 years ago, when there was more in-fighting, but organizations like AEC, Platform Calgary, and others have guided everyone in the same direction.

4. Global Recognition:

   1. Calgary is starting to get a reputation internationally as a great Tech ecosystem. Anecdotally, when you’re in San Francisco, you will hear less frequently things like “Calgary, where’s that?” and more often hear “Oh, I’m hearing great things about companies there.”

   2. Gaining attention as the gateway to North America. We’re seeing European and Asian tech companies open a North American headquarters here in Calgary first, before expanding into the rest of NA.

5. Retention of Key Talent and Companies:

   1. Success stories like unicorns their teams in Alberta (e.g. Morgan Stanley’s acquisition of Solium and keeping the team here) demonstrates the region’s ability to support scaling tech ventures.

📈 Opportunities for Improvement in 2025

1. Underrepresentation in Capital Raised:

   1. While Alberta excelled in deal volume, it only captured 7% of the total venture capital dollars in Canada, suggesting room for growth in attracting larger investments.

2. Maturity of Ecosystem:

   1. Many deals are pre-Series A, indicating that the ecosystem is still maturing. More support is needed for startups to grow into mid-sized and larger enterprises.

3. Marketing and Storytelling:

   1. Alberta’s narrative needs stronger promotion to external markets. Effective storytelling could enhance the region’s reputation and attract more international players.

4. Focus Areas for Specialization:

   1. Defining core domains like fintech, medtech, or energy tech could hlep Alberta strengthen its competitive edge.

👩‍🏫 Overall Grade

The speakers gave the ecosystem an A, reflecting strong growth and momentum with clear opportunities for continued development and international positioning. The positive chaos in the ecosystem shows that Alberta is on the brink of further transformation.

What do you think? How did the ecosystem perform in 2024?