Calgary start-ups show energy is not the only game in town

Calgary start-ups show energy is not the only game in town

Drive towards downtown Calgary from its impressive international airport and the foundations of the local economy are clear. “Be part of the energy,” says the city’s official welcome sign. “We love oil and gas,” screams a billboard.

But an over-reliance on oil has its downsides. In 2014, the price crashed. Investors shunned Canada’s grubby oil, while environmentalists laid siege to it, blocking pipeline projects in court. Calgary’s skyscrapers, erected during the oil boom, have North America’s highest commercial vacancy rate, at almost 30 per cent.

Now, though, new types of business are taking a chance on Alberta’s biggest city, drawn by low rents, low taxes and a strong talent pool. Some are among the fastest-growing companies in North America.

“Pretty much anybody can start a company if you have a good idea, if you work hard, if you’re intelligent, if you can create a team — the world is your oyster in Calgary,” says James Lochrie, managing partner of Thin Air Labs, an investment firm based in the city.

However, Calgary’s entrepreneurs have long complained that investors are too focused on energy and real estate. In 2019, the oil-mad provincial government of Jason Kenney actually removed incentives to invest in small businesses, including a