A slide shown by Jim Balsillie opened the keynote with a stark data point: none of the patents filed by researchers at Alberta’s publicly funded AI institute (Amii) are owned by Canadian companies.
It was part of a broader argument about the risks of publicly funded innovation translating into foreign-owned value.
Balsillie, chair of the Canadian Council of Innovators and former co-CEO of Research In Motion, spoke alongside Alberta Premier Danielle Smith at Inventures 2025 in Calgary. Their conversation explored how Alberta could respond to global shifts in intellectual property, artificial intelligence, digital finance, and supply chain strategy.
They discussed emerging corridors, energy policy, public sector innovation, and AI data infrastructure.
Balsillie referred to this moment as “the century of the Prairies,” arguing that Alberta has a once-in-a-generation opportunity to lead in global innovation if it aligns its policy, infrastructure, and ownership strategy.
The session surfaced several areas where Alberta is already taking steps and could expand its leadership, especially in areas like AI infrastructure, data governance, and value-added economic strategy.
From resource base to value chain leadership
Balsillie opened with a direct assessment of Canada’s economic performance.
“Our per capita GDP has been shrinking by 0.4 per cent a year,” he said. “The worst among the top 50 developed countries in the world.”
He argued that Canada has not built the frameworks required to benefit from its own investments in research and development.
“In today’s economy, productivity comes from new, owned ideas,” he said. “Which is why smart innovation jurisdictions focus on owning and protecting these assets.”
Balsillie pointed to international examples to make the case, as companies like Exxon and Halliburton file tens of thousands of patents, many tied to value-added products in energy and manufacturing.
Exxon, for example, holds patents not only for oil extraction but also for turning oil into downstream consumer goods, such as synthetic materials used in shoes and packaging. These activities generate higher profit margins and keep more value within the company’s jurisdiction, he said.
Canada, by comparison, has underleveraged its research base, Balsillie said, pointing to the artificial intelligence space where foundational work has often failed to translate into commercial ownership.
In response, Premier Smith pointed to how Alberta is leveraging its existing strengths to move into more value-added segments.
“Energy is not our past — it’s our leverage,” she said.
Smith highlighted the province’s $1.8-billion investment in carbon capture and its AI Data Centre Strategy.
And Beacon AI, who recently announced a $10 billion plan to build facilities across five Alberta municipalities.
“We have the power generation, the cool climate, and a low-tax environment,” she said. “We are seeing real interest.”
Balsillie presented a slide illustrating the concept of the “smile curve,” which shows that the highest returns in the global production chain are concentrated at either end, where design, IP, and advanced services reside. Alberta remains strong in the middle of the curve, particularly in extraction and processing.
He encouraged the province to focus more deliberately on the upstream and downstream ends of that curve, where economic leverage is greatest.
Clarifying the role of government and strategy
In his opening remarks, Balsillie shared a slide listing 10 common mismatches in Canadian innovation policy. These included conflating invention with innovation, mistaking foreign direct investment for national competitiveness, and failing to convert scientific research into economic returns.
“We conflate science and technology strategy with an actual innovation strategy,” he said. “We build without capturing.”
Smith responded by describing how Alberta is trying to avoid these same pitfalls by improving how innovators engage with government. She said one early priority was establishing clearer responsibility for innovation policy and execution.
“When we created the Ministry of Technology and Innovation, it gave innovators a clear point of entry,” she said.
She added that Alberta is not only trying to support external innovation, but also modernize internally. The province is embedding artificial intelligence tools into public service delivery to build regulatory awareness and operational literacy (we sat down with Alberta’s Minister of Technology and Innovation to discuss this here).
“If we cannot demonstrate that we can have use cases for AI and all these wonderful new technological advancements, we’re not going to understand what kind of regulatory environment we need for those who do want to innovate.”
The conversation also touched on interprovincial infrastructure.
Smith referenced a corridor strategy discussed among several premiers, running from Prince Rupert to Churchill, that could support energy, critical minerals, transmission lines, and new trade routes.
Smith said there was strong alignment among premiers on the need for infrastructure investment and market access.
“There really isn’t any daylight between us,” she said. “We all agree we need to build things and open up access to markets and digital capacity.”
Balsillie also shared a slide outlining three areas where Alberta could concentrate its efforts: owning Alberta-generated IP, controlling the province’s AI and data infrastructure, and supporting domestic innovators across the full value chain.
“You do not have to choose between sectors,” he said. “You need a deliberate focus on control.”
Exploring the implications of digital currency and fintech
Later in the conversation, Balsillie raised concerns about Canada’s slow response to digital currency innovation.
He focused on stablecoins, a type of cryptocurrency designed to hold a stable value by being tied to a traditional currency like the dollar. They are often used for fast, low-cost payments without going through banks.
“The U.S. is really pushing stable coins,” he said. “If we don’t get stable coins going in Canada, they’ll just bypass us.”
He warned that if Canada does not create its own rules for using or supporting stablecoins, the country could lose control over parts of its financial system as people and businesses start using foreign platforms instead.
Smith said Alberta is actively exploring how to create space for innovation within provincial authority.
“We have our own securities commission, our own sovereign wealth fund, and control over our credit unions,” she said. “We can create conditions that support exploration in this space.”
She raised the possibility of formally recognizing alternative forms of legal tender in Alberta.
“We’ve thought about recognizing other forms of legal tender. Maybe Bitcoin. Maybe something else,” she said.
Both agreed that provinces should not wait for federal direction.
“There is no longer a viable defense posture on this,” said Balsillie. “You need to play offense. You cannot keep your head in the sand and wait.”
Strategic priorities and next steps
As the conversation came to a close, both speakers reflected on what it would take for Alberta to act on the opportunity in front of it.
“The public should not fund innovation only to lose the benefit,” said Smith. “We are looking at models that retain a stake for the province.”
Balsillie noted that other countries have developed mechanisms to keep intellectual property and value-added production close to home.
“This is not just about refining resources,” he said. “It is about refining strategy.”
He reminded the audience that Alberta’s oil sands were made possible by decades of coordinated investment and IP retention. He called this a similar moment.
“Other countries think this way,” he said. “We need to catch up.”
Balsillie emphasized that the barriers to progress are often internal, not external. He argued that Canada too often acts as though it is constrained by foreign pressure, even when the real limitations are self-imposed.
“I’m not worried about Trump putting the boot to our neck,” he said. “I’m worried about us taking it. I just want us to take the boot off our own neck.”
The conversation surfaced key questions about how Alberta and Canada can strengthen economic resilience in the years ahead, particularly in areas like intellectual property, artificial intelligence, and value-added strategy.
Who owns the outcomes of publicly funded innovation? How are AI infrastructure and data governed? What policy tools are needed to ensure that economic benefits remain in Canadian hands?
These questions, raised throughout the session, will likely continue to shape Alberta’s policy conversations and its role within the national innovation economy.
Digital Journal is an official media partner for Inventures.
This article was created with the assistance of AI. Learn more about our AI ethics policy here.
