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Fast Track Program arms IoT businesses with skills to expand globally

·3 min read

Alberta IoT's business accelerator to help second-stage IoT businesses scale

CALGARY, AB, April 7, 2021 /CNW/ - Alberta IoT Association ('Alberta IoT') is accepting applications for its spring cohort of the Fast Track Program ('Fast Track'), a business acceleration and mentorship program that strengthens Alberta's ecosystem of small and medium technology companies, promotes collaboration, and improves access to supply chain relationships.

Aligned with federal and provincial innovation initiatives, the Fast Track focuses on second stage businesses who have been in operation for at least two years with active plans to hire and expand globally. Only two per cent of Canadian mid-sized companies successfully scale-up into globally competitive companies, according to Innovation, Science and Economic Development Canada. With the right support these businesses have the ability to contribute an additional $180-450 million to the Canadian economy.

"We are an IoT-focused group that has a mission to raise the profile of the innovation sector, align with large industry sectors and help second-stage businesses expand through an ecosystem model," explains Brenda Beckedorf, Executive Director at Alberta IoT. "We found a gap in the resources available for companies who are positioned to grow and we knew that support for businesses at this stage is critical for economic prosperity."

The Fast Track employs a diverse curriculum including sessions on Business Models, Sales & Marketing, Strategic Funding, International Marketing Expansion, Financial Planning and more. Each cohort begins with eight weeks of live business training, followed by a year of coaching and one-on-one mentorship. To date, Alberta IoT has welcomed 34 IoT businesses into the program.

"Canada's full of people who've bootstrapped businesses for forever and a day - we're in the same position - many are growing organically... and then all the sudden you realize you got opportunities to scale-up, and you realize that the bootstrapping is one thing, but then growth, scaling: very different game altogether," explains program participant, Peter Crawley, President & CEO, PCC Integrate Inc., "and all of a sudden we realized that 'you don't know what you don't know' until you start challenging yourself and so it was great to be a part of the Fast Track and actually be exposed to some of those things."

A collaborative ecosystem of vendors, OEMs and service providers is essential to digital innovation, specifically for businesses in IoT. In response to this need, Alberta IoT aims to strengthen innovation in Calgary and promote ongoing diversification of our economy through its Fast Track.

"We are making headway in bringing this sector together," says Beckedorf, "we're raising the profile of the industry leaders we already have in Calgary, attracting attention from large industry stakeholders and demonstrating that Alberta invests in fast growth technology firms."

Applications for participation in the third cohort of the Fast Track are open. To learn more about program courses, facilitators and requirements, visit www.albertaiot.com/fast-track/

ABOUT THE ALBERTA IOT ASSOCIATION

Alberta IoT is a nonprofit organization consisting of over 165 member organizations with a vested interest in the success of the Internet of Things in Alberta. The Alberta IoT Centre of Excellence aims to establish Alberta as the world leader in Internet of Things and emerging technologies with a multifaceted approach that caters to the dynamic nature of the Internet of Things sector, including recruitment, talent development and government relations.

For more information about the Alberta IoT Association, visit the organization website here.

SOURCE Alberta IoT Association

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View original content: http://www.newswire.ca/en/releases/archive/April2021/07/c9268.html