Christopher Skappak - Economic Summit
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Graduate student Christopher Skappak speaks about using savings and investments to fund and diversify Alberta's economy.
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Christopher Skappak - Economic Summit
- 1. Alberta Economic Summit Session 4: Views from Albertans on Savings and Financing Christopher Skappak MD/PhD Candidate University of Alberta & University of Calgary Building Our Future (More Bang For Our Buck)
- 2. What do these 3 individuals have in common
- 3. What do these 3 individuals have in common
- 4. What do these 3 individuals have in common
- 5. Alberta Needs To Be A World Leader In Innovation This will lead to a stronger economy and more revenue for the province
- 6. Saving For Alberta’s Future • Currently worth 13.8 Billion (March 2013) Alberta Heritage Savings Trust Fund This Topic has probably been covered numerous times by this point in the day…… So I Will Be Brief
- 7. Saving For Innovating Jobs • Currently worth $1.27 Billion (March 2013) Alberta Heritage Medical Research Fund • Currently worth $0.735 Billion (March 2013) Alberta Heritage Science & Engineering Research Fund
- 8. OECD calculates that the return on investment in higher education is 3 to 1. Canadian university degree holders contribute 44 percent of the income taxes collected by governments in Canada
- 9. We Need To Invest More Resource Revenue In These Trust Funds
- 10. Maximizing Our Investment in Innovation Albertan put billions of $$$ towards post-secondary education Why? To Train Tomorrow's workforce IS IT AN INNOVATIVE WORKFORCE
- 11. OECD Report on Developing Skills for Innovation And Long Term Growth in Canada Canada’s weakest area in capacity to innovate is in entrepreneurship
- 12. Possible Solutions Teach Alberta post-secondary students how to be entrepreneurs Incorporating internships / professional development in training Encourage more University/Industry collaboration
- 13. New Ways of Funding Innovation Crowd Funding A mechanism the province can help facilitate to generate seed money for new entrepreneurs
- 14. One Example:
- 15. Thank you
Editor's Notes
- I would like to talk about how we can use our savings, investments, and methods of funding to grow and diversify our economy.So I’m going to share my vision on how to build our future.I envision an Alberta where the next billion dollar idea could be started from talking to the person in front of you in a line up for coffee.This might sound far fetched…. But Albertans have the ability to do this, they can come up with these ideas.We just need to leverage our use of savings, investment, and funding to create the environment where this happens regularly and naturally So before I get to far ahead of myself, I want to share with you 3 people. These 3 people might not look it but they have something in common.
- JK RowlingBillionaire creator of Harry Potter and someone whose books have contributed to the economy around the world
- Dr. Lorne TyrrellAn Alberta physician & scientist that discovered the first antiviral for Hepatitis BA disease that is estimated to infect over 350 million people around the worldFounder of 2 biotech companies in Alberta
- And lastly…. Bill Gates the founder of Microsoft and the worlds richest manThe common aspect between these individuals created something that had a major effect on the worldAll of these individuals are innovators.
- The Point is For Alberta to succeed we need more people like Lorne TyrrellAs a province we can ensure that how we save, and how we spend, enables more Albertans to succeed with their own innovations.
- By this time in the afternoon the AHSTF has probably been beaten to death as a topic of discussionGovernment has a plan to grow the fund using a portion of NRR Revenue through a formula that is 5% of up to the first 10 billion25% of up to the next 5 billionAnd 50% of any NRR over 15 billionSo the province has to make at least 15 billion in natural resource revenue so that 1 billion can be saved into the AHSTFIN 15 Billion dollars of revenue we are only saving ~6.5%From my stand point this is far too low.
- The government has stated in its Fiscal savings plan that the resource revenue
- The government has stated in its Fiscal savings plan that the resource revenue
- So I want to talk first about maximizing Alberta’s Investment in InnovationAlberta does invest billions of dollars in post-secondary educationPersonally as a student…. I think it be more but that’s a different discussionWhy does the province do this.The logical answer is, Is to Train tommorrow’s workforce.
- So how can we fix this in Alberta.
- Can we make give students the tools on how to develop their ideas into a business or productI think we can do this. And I think we must
- Others today have talked about alternative funding such as P3s and P4s for major provincial projects.But how can the province help find new ways of funding innovation??Traditionally the province and the federal government have given research grants to scientists to fund R & DAnd this is something Alberta and Canada, can’t stop doing.But the province can help facilitate a funding mechanism called crowd sourcing to give entrepreneurs access to seed money for their ideas
- Kickstarter is an American for profit company that puts together crowd funding for creative projects.People anywhere in the world can contribute funds to help make an idea a realityThis idea is proven to work, and it can be used for more then just innovation and research, this could be used to facilitate small community projects, and foster the cultural aspects of Alberta.
- I know this was brief, but I hope it gives you some other ideas of how we can focus or precious revenue to make Alberta a diverse and powerful economy.