EVOLVING ALBERTA: KRISTINA WILLIAMS LEADS THE CHARGE AEC IS SUPPORTING THE LOCAL TECH COMPANIES THAT ARE IMPACTING INDUSTRY ON A GLOBAL SCALE

BY NERISSA MCNAUGHTON

Alberta keeps evolving. The seeds of prosperity and commerce started in antiquity with the early formation of the oil sands. In 1717, Henry Kelsey, a fur trader from Europe, was the first outsider to glimpse the potential the oilsands would have in the province when the Waupisoo (of the Cree) bought a sample of oil to Athabasca’s Hudson’s Bay Trading Post. The Indigenous people at the time were using the bitumen to waterproof their canoes.

Nearly 200 years later, Canadian journalist Charles Mair wrote of the oilsands, “When the hour of [oil’s] development comes, it will, I believe, prove to be one of the wonders of Northern Canada. What is unseen can only be conjectured; but what is seen would make any region famous.”

Mair’s prediction was correct and Alberta would go on to become a global energy leader. That was the story of Alberta for decades and although it continues today, an economic aspect of our province is developing at an astonishing rate with another commodity that is “unseen and can only be conjectured, yet can make any region famous.” Often underestimated, our technology sector has been quietly evolving in the background for years. Now it’s erupting to the surface, driving a new and extremely profitable industry that impacts every other sector with innovations that drive productivity, safety, efficiency and more.

Harnessing this resource for the benefit of the province is vitally important. Stepping up to do this is Alberta Enterprise Corporation (AEC) and leading the charge is Kristina Williams, president and CEO.

AEC, founded by the Government of Alberta in 2008, is on a mission to foster our thriving tech sector in Alberta by providing venture capital and other resources to local companies.

“Historically, there was a lack of venture capital available in the province and a lot of tech companies needed that capital to stay in Alberta and grow,” says Williams. “Many tech companies were not growing at their full potential or moving out of the province to access better resources. The government engaged a broad range of experts to see how it could best be involved and AEC was the result. AEC invests in venture funds that, in turn, invest in tech companies.”

AEC also helped to create StartAlberta.ca, an open source platform for global investors to find Alberta companies, as well as the A100, a mentorship organization with a goal of inspiring and supporting Alberta tech entrepreneurs.

Williams was the second hire of AEC, joining as a director in 2009.

“I have a law degree from Sweden,” explains Williams. “My specialities are international law and crimes against humanity. However, by pure chance I wound up working for a life science company in Sweden. I met my Canadian husband and moved to Canada. My Swedish law degree was not recognized here, so went back to school and got my MBA.”

This ushered in her first look at the need for venture capital for tech companies. She worked at two different technology companies and both used venture capital. When she was

EVOLVING ALBERTA: KRISTINA WILLIAMS LEADS THE CHARGE // COVER asked to join AEC, she recognized and appreciated the unique opportunity to help shape the future of the province.

Williams says, “Innovation and technology drive improvements across all aspects of society, from new and better medicine, to reducing the environmental impact of our energy industry, to creating healthier foods and increasing the yield for farmers growing crops. The companies commercializing these technologies are incredibly important for driving this change and I’m very passionate about helping them accomplish this. By working for AEC, I can help hundreds of companies simultaneously, instead of one at a time.”

She continues, “My work is about helping Alberta’s technology companies remain competitive. Venture capital is a proactive way to build Alberta’s future economy, creating an environment where my children can stay and work in the province and enjoy a great quality of life.”

AEC started off as a concept and has been proven to work. As of last year, AEC reached $1 billion in venture capital invested in the province from our funds and from partners. For the past five years Alberta set – and beat – the prior year’s record. In 2022 we grew 30 per cent year over year. Even when Canada’s venture capital market as a whole saw a 30 per cent drop in growth, Alberta continued to grow on target.

“I’m incredibly proud of the team at AEC and for the government’s continued support,” smiles Williams. “We were started under the UCP and refunded under the NDP. The UCP, in 2020, announced another $175 million in investment capital.”

AEC efficiently maximizes every dollar both throughout the enterprise and for the startups it funds.

“We are a small but mighty team, not a large corporation,” says Williams. “There are just 11 of us here at AEC. What makes this work is the excellent quality of entrepreneurs in Alberta. This joint effort has seen a 200 per cent increase in startups since 2012. Tech innovation and entrepreneurs –that, jointly, is the magic.”