provide $500,000 per year to Kinetica Venture. The Kinetica Venture program is also supported by the federal Canada Accelerator and Incubator Program. “The Alberta government is facing serious fiscal challenges with the falling price of oil and it is impor tant that we continue to support innovation in Alber ta,” said Don Scott, Alberta minister of innovation and advanced education in a press release. “Our support of the Kinetica Ventures program gives entrepreneurs and investors increased capacity to commercialize their ideas while helping to grow and diversify our economy.” These investments by Alberta and its partners through CAIP will allow business incubators to provide more of the services that guide market-oriented, in novative companies along the road to product com mercialization. Initiatives supported through Kinetica
Calgary-based Quantum Downhole Systems is an example of a home-grown Alberta oilfield technology and services company.
Kinetica was soft launched last summer and currently supports 10 companies
By Markham Hislop PUBLISHER BEACON NEWS AND BEACON ENERGY NEWS
Photo: Alberta Government
can add value in the energy industry by improving pro cesses, enhancing productivity and creating new ap plications of existing or novel technologies to enhance overall competitiveness, said Peter Garrett, president of Innovate Calgary in a press release. “Kinetica’s mandate is to better understand the energy industry’s key innovation challenges, identify researchers/entrepreneurs and startups with promising technology solutions, and then help accelerate commercialization through collaboration with industry and investors,” said Garrett. “We are excited to partner with Alberta Innovation and Advanced Education to deliver world-class energy innovation from Alberta.”
Don Scott, Alberta minister of innovation and advanced education. OilfieldPULSE | FEBRUARY 2015