Funding to the tune of $2.8 million from the Government of Alberta is sweet sound for Calgary Economic Development’s Trade Accelerator Program (TAP), which is playing a leading role in economic diversification in the city.

The funding will allow TAP to continue for the next five years, adding 650 more alumni to a long list of Calgary-based companies that have graduated from its training.

TAP provides training for businesses wanting to develop export plans, are given legal and intellectual property advice, and are assisted in developing marketing and business plans as they relate to foreign markets.

Brad Parry, CEO of Calgary Economic Development, said that the funding was huge for Calgary businesses to be able to access that training.

“If you think about the work that we’ve done so far, the 550 companies have been supported and the fact now that we can support over 1,200 companies at different layers now. So, it’s not just that early startup phase, we’re looking for those scaling companies that they can really help support,” Parry said.

“But it sends a message too, that we’re here to help support local businesses. It’s so important right now.”

He said the funding would also keep the program free for businesses to participate in.

ROI in the tens of millions

Parry said that the ROI on TAP has been the creation of 440 jobs in the past three years, and the tens of millions in revenue generated for the companies that took part in the program, some 62 per cent in revenue growth for those firms.

Minister of Jobs, Economy, Trade and Immigration Joseph Schow said that the Government of Alberta was investing in ways to maximize the potential of Calgary businesses.

“When we talk about our grander vision as a province, which is to continue to be the beacon of hope and opportunity and economic prosperity for the country and may I be so bold as to say the economic driver of Canada, I think this is us being active in that, being committed to that, showing that we are putting our money where we think is most important in a lot of places,” he said.

“But not the least of which is supporting businesses that are choosing Alberta.”

He said that it sends a message to the world, given that TAP graduates are exporting Alberta, that Alberta is open for business.

Parry said that TAP businesses are acting as ambassadors for Calgary, not just when they export a product or complete a trade deal, but when they’re talking to other companies, other investors, and diving into capital markets.

“It sends that message, there’s something really cool happening in our city, that this is a place where innovators can come and flourish,” he said.