Amid global downturn, Calgary’s startup momentum draws the global spotlight

Calgary’s showing in this year’s Global Startup Ecosystem Report (released today) points to a city leaning into its core strengths in affordability, sector focus, and ecosystem coordination, and beginning to see early results.

Between the second half of 2020 and the second half of 2024, Calgary’s startup ecosystem value grew by 13%. That puts it among a small group of North American cities to record growth during a period when most ecosystems shrank.

Globally, startup ecosystem value dropped by 14% over the same period, and in North America, the decline was even sharper at 18%.

According to the report, Calgary now ranks among the top 50 Emerging Startup Ecosystems worldwide. While its overall ecosystem value remains smaller than many of its peers, the city is drawing attention for what it is doing right. Its combination of momentum, cost advantages, and strategic investments is beginning to stand out on the global stage.

An ecosystem defined by focus and value

The GSER highlights more than just raw growth. 

Calgary ranked as a top 10 ecosystem in North America for Affordable Talent and placed in the top 15 for “Bang for Buck,” a metric that combines early-stage funding with the quality and cost of technical talent. 

These distinctions reflect what many YYC founders already know — Calgary is one of the most cost-effective places to build.

That edge is also visible in the city’s early-stage data. 

Calgary recorded $275 million in total early-stage funding and a median Series A round of $4.4 million. Both remain below global averages, but funding activity is trending upward. In 2024 alone, the city saw 63 venture deals worth a combined $630 million.

According to Brad Parry, President and CEO of Calgary Economic Development, this progress is no accident.

“We’re showing that you don’t have to be one of the biggest cities to create big outcomes,” Parry told Digital Journal. “What matters is alignment, focus and making it easier for companies to start and scale.”

That alignment is increasingly visible in Calgary’s strategies and partnerships. 

The Opportunity Calgary Investment Fund (OCIF), launched in 2018, has helped anchor investment in innovation infrastructure, talent, and commercialization efforts. More recently, Calgary introduced its Innovation Strategy to connect high-potential companies with support nodes across the city.

Platform Calgary, one of the city’s core ecosystem builders, has seen the effects firsthand. 

In 2024, companies in its membership generated $235 million in revenue, supported 6,750 jobs, and contributed $709 million in wages to the local economy. 

Terry Rock, CEO of Platform Calgary, told Digital Journal the city’s collaborative approach is what drives those results.

“This isn’t happening by accident,” Rock said. “It’s the collective efforts of an entire ecosystem united around a singular purpose.”

That growth is also visible at the early company stage. In 2024, 140 Calgary tech companies grew from zero-four employees, to five or more. That compares to 109 in 2023, signalling a growing base of early-stage companies building from within the city rather than relocating elsewhere.

See how Calgary ranks relative to other Canadian cities, and learn more about the ecosystem in this podcast. This podcast summary is entirely generated and voiced by AI.

A city building with intent

While some ecosystems are built on a single cluster, Calgary’s momentum is distributed across deep tech, fintech, cleantech, agtech, and emerging fields like aerospace and quantum.

That diversity is also tied to tangible projects. 

In aerospace, Calgary committed $3.9 million from OCIF to launch an Aerospace Innovation Hub expected to support 180 companies and create 150 jobs by 2028. Lufthansa Technik also announced the city as the location of its new Canadian headquarters and a sustainable aviation-focused Test Cell Facility.

In agtech, GoodLeaf Farms opened a $52-million vertical farm in 2024, expected to produce two million pounds of greens annually and create more than 90 jobs. Calgary-based Tall Grass Ventures closed a $32 million fund focused on early-stage agtech and foodtech companies across Canada, with a strong Prairie lens.

Calgary is also beginning to write its own story in artificial intelligence, which was a major focus of the GSER report.

“We’re seeing startups and scaleups utilize AI in everything from predictive maintenance to precision farming and advanced data analytics,” said Parry, pointing to local companies like Attabotics and AltaML as examples of firms using AI as a core business engine.

The city’s growing reputation in quantum technology is anchored by the launch of Quantum City at the University of Calgary and a new partnership with Switzerland’s QAI Ventures. In March 2025, the two organizations launched the city’s first quantum accelerator, aimed at commercializing advanced technologies in data and computing.

Calgary’s sector strategy is increasingly visible across quantum, aerospace, agtech, and applied AI. These sector wins are part of a broader strategy. 

“We’ve been intentional about building momentum,” said Parry. “It’s about creating jobs, boosting investor confidence and reinforcing Calgary as a place where companies can scale with purpose.”

From affordability to anchor capital

One of Calgary’s biggest draws is its affordability, both for founders and for their teams. 

The city has the lowest corporate tax rate in Canada at 8%, no provincial sales tax, and lower housing costs than Toronto or Vancouver. In 2024, Calgary ranked fifth globally in the Economist Intelligence Unit’s Global Liveability Index and 25th in Mercer’s Quality of Living Survey.

That quality of life is starting to influence economic performance. 

With a population that recently passed 1.7 million, Calgary is one of the youngest and fastest-growing urban centres in Canada. Its startup ecosystem is leveraging that growth to attract international professionals, skilled immigrants, and students alike.

But livability alone doesn’t solve for scale. That’s why both Parry and Rock are focused on capital. 

“We know talent and ambition aren’t the issue,” Parry said. “Access to capital has been.

To close that gap, Calgary is working to unlock more of the private capital already in-market. OCIF is supporting programs that de-risk early-stage investment, and local funds like Thin Air Labs and Alberta Enterprise Corporation are helping startups move from pitch deck to product faster. 

The National Bank Investor Hub, launched by Platform Calgary, has helped raise more than $5 million through investor breakfasts and pitch sessions.

“If we want to break into the global top 20 emerging ecosystems, we need to scale,” said Rock. “That means more capital, more supportive policy, and more visibility for the stories that are already here.”

Public procurement is one underused tool with growing potential.

“Local government has considerable purchasing power and can make for a compelling first customer for local innovators,” Rock says. “This not only adds value to the local economy. It helps solve some of the most pressing issues facing our city.”

Calgary is also investing in its future workforce. 

In late 2024, OCIF invested $862,500 in TECHNATION to fund 250 tech internships. 

The city’s post-secondaries joined the 2024-2025 Mitacs Globalink Research Internship and launched the Digital Workforce Catalyst Alberta initiative to connect international students and underrepresented talent with local employers.

What’s next: visibility, scale, and consistency

Calgary now has 90 exits and two active unicorns. Its early-stage ecosystem is growing, but the next phase will require consistent performance, better access to later-stage capital, and global visibility.

“Our vision remains to make Calgary the best place in the world for anyone to start and grow a tech company,” said Rock. “We are confident that with continued collaboration and support, we will achieve our ambitious goals.”

Parry echoed that sentiment, saying, “Capital follows performance, so our job is to keep delivering results and make it easy for investors and founders to see that Calgary is where serious companies scale.”

The data suggests that Calgary’s approach is beginning to resonate. While it isn’t trying to be the next Silicon Valley, it offers a case study in how a smaller city can build with intention and compete on its own terms, as long as capital gaps and scale-stage challenges continue to be addressed.