Edmonton Edge Fund hopes to drive business innovation and transformation
The City of Edmonton has unveiled a groundbreaking initiative, announcing a new funding program with a budget of $5 million. This program is specifically aimed at businesses, entrepreneurs, and nonprofit agencies that aspire to create transformative impacts within the city.
Dubbed “Phase 1 of the Edmonton Edge Fund,” the program provides project-based grants that bridge the capital gaps often faced by innovators and entrepreneurs. By acting as a catalyst for innovation within the city, the fund aims to address these financial barriers and enhance Edmonton’s capacity to attract and retain businesses. This, in turn, is expected to generate job opportunities and foster investments.
Notably, the Edmonton Edge Fund places a special emphasis on equitable access, catering to applicants from equity-deserving communities who might have encountered challenges in accessing traditional funding avenues.
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“The Edmonton Edge Fund is an exciting new initiative for our city,” said Mayor Amarjeet Sohi. He emphasized that the program levels the playing field by offering essential capital to both small and large businesses and nonprofit organizations to fuel their innovative concepts. Sohi stressed Edmonton’s reputation as a hub for risk-takers and entrepreneurs and expressed his confidence that the fund would nurture and enable daring ideas to thrive within the city.
Phase 1 of the Edmonton Edge Fund serves as a pilot phase, strategically designed to glean key insights and learnings that will shape the development of a sustainable, long-term version of the program.
The program for this year will offer support through two distinct streams of grants:
- The Scale and Grow Stream: This stream extends substantial grants ranging from $250,000 to $1 million, tailored for ventures with significant transformative potential.
- The Start Stream: Catering to emerging enterprises, this stream offers smaller grants of up to $100,000 to support nascent ideas and initiatives.
Kim Petrin, Acting Deputy City Manager of Urban Planning and Economy, stated, “These grants are for Edmonton-based businesses (which) are looking to do something transformative in our city.” Petrin highlighted the impact of current economic conditions, such as high interest rates and supply costs, on businesses’ ability to secure funding. The Edmonton Edge Fund introduces a fresh reservoir of non-repayable capital funding dedicated to innovators and entrepreneurs aiming to contribute to local investments in Edmonton.
The application intake period for the Edmonton Edge Fund concludes on September 18.
For more information and to submit applications, please visit the official Edmonton Edge Fund website.
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