SOCO Helps Grow Saskatchewan's Tech Sector During Milestone Anniversary Year
Today, Saskatchewan Opportunities Corporation (SOCO) released its 2020-21 Annual Report, highlighting the technology parks' role in helping grow Saskatchewan's technology sector in an unprecedented fiscal year.
SOCO, a Crown corporation that operates under the business name Innovation Place, celebrated its 40th anniversary in Saskatoon and 20th anniversary in Regina.
"SOCO has a long history of supporting Saskatchewan businesses, notably startups and early-stage technology companies," Minister Responsible for SOCO Don Morgan said. "The success of these companies will ultimately contribute to the province's strong technology sector and post-pandemic economic recovery."
"While COVID-19 had a significant impact on our technology parks, we remained committed to providing a safe, supportive environment for our tenants and employees," Acting SOCO President and CEO Brent Sukenik said. "As we continue to help grow Saskatchewan's technology sector and support the province's key growth sectors, we look forward to renewing our focus on business development and expanding Saskatchewan's vibrant tech ecosystem."
Highlights of the 2020-21 Annual Report:
- SOCO generated a net income of $619,000 with total revenue of $37.5 million.
- Over 92 per cent of tenant CEOs would recommend Innovation Place to other organizations, a testament to the high quality of facilities and operations.
- Innovation Place became home to 12 new technology companies, a primary target market for the Saskatoon and Regina technology parks.
- Over 30 per cent of Innovation Place tenants benefited from flexible and supportive business arrangements.
- Innovation Place utilized 27 partnerships that helped tenants accelerate growth and limit risk, through expanded partner credits, discounts and resources.
- Since 1993, Innovation Place has supported close to 200 startups, with 68 per cent still in operation and the majority of companies still operating in the province.
- Following a successful pivot to online tenant programming, Innovation Place offered 66 business development and networking events that attracted 4,600 attendees.
As of March 31, Innovation Place was home to 144 tenants, employing 3,700 people in the Saskatoon and Regina technology parks. A diverse mix of technology and service tenants, a dynamic social atmosphere and high-quality facilities work together to create a community that encourages innovation, collaboration and entrepreneurship.
The 2020-21 Annual Report is available online at www.innovationplace.com/soco.