The University of Alberta itself is a major economic engine that not only helps build the industries and businesses of the province, but also acts as a major corporate citizen. It is Alberta’s fourth largest employer, employing approximately 14,500 people. The spending power of U of A students and employees together is estimated at $5.2 billion annually, with approximately $4.5 billion of that spending occurring in Alberta, mainly in the greater Edmonton area. This represents more than 92,000 jobs in Alberta as the multiplier effect ripples through the economy.
Part of that economic impact comes from TEC Edmonton, a joint venture between the university and Edmonton Economic Development Corporation, forged to foster commercialization of research, and bring the results of innovation to the benefit of Albertans.
In 2010–2011 fiscal year, TEC Edmonton helped create 18 companies, four of which were created directly from U of A research, and reported:
- 86 inventions
- 19 patents
- 23 licenses/options to use technologies
- $1,301,983 in total licensing revenue