03/31/2015 08:03 EDT | Updated 05/31/2015 05:59 EDT

Alberta finance minister to set up profit-sharing for intellectual property

EDMONTON - Alberta's finance minister says post-secondary schools and entrepreneurial students aren't making enough profit off the "intellectual property" that's being generated in school labs.

Robin Campbell told an Edmonton Chamber of Commerce luncheon on Tuesday that he's working with Advanced Education minister Don Scott and the presidents of the colleges and universities to come up with some sort of profit-sharing formula.

Campbell said the province needs to provide opportunities for young entrepreneurs that actually set up their businesses in Alberta.

He says then profits from that will go back into universities to help attract very good professors.

Campbell also said the government has an obligation to make sure that Alberta students that want to go to university or college have an opportunity.

He said he hopes to get something going by early next year.

“We have great universities, we have great colleges, we have some of the brightest kids going there, and we’re losing them after they leave," Campbell said.

“I haven’t costed it out yet, but I think there’s all kinds of untapped potential out there. We have some great minds in our colleges and universities that aren’t having the opportunity to set up shop in Alberta, and we have to do more to help them.”