Innovation Saskatchewan Supporting the Growth of Agricultural Technology
Today, the government introduced The Innovation Saskatchewan Amendment Act, 2021, to further support agricultural technology development in the province. This legislation provides the authority for Innovation Saskatchewan to make investments in agricultural technology (agtech) startups through a Venture Capital fund.
"As our economic recovery continues, our government remains committed to supporting growth and investment in the technology sector," Minister Responsible for Innovation Saskatchewan Jeremy Harrison said. "The changes we are making to The Innovation Saskatchewan Act will allow for new investment into game-changing technology for farmers and producers that will help accelerate our economic recovery and become a significant economic driver for our province."
As part of the 2021-22 Provincial Budget, the Government of Saskatchewan announced it will be investing $15 million - $3 million per year over five years - in an agtech Venture Capital fund. The fund, which will be privately managed, will provide a mechanism to leverage millions more from private investors to make investment into Saskatchewan agtech companies that require Venture Capital to develop beyond the startup phase. This Venture Capital investment will enable companies to scale up their operations and manufacturing in Saskatchewan.
The Innovation Saskatchewan Act changes will allow Innovation Saskatchewan to continue to administer programs and supports to bolster the agricultural and technology industries in Saskatchewan including programs such as the Saskatchewan Advantage Innovation Fund, the Saskatchewan Agtech Growth Fund, and the Saskatchewan Technology Startup Incentive. Doing so will be critical in meeting the goals set out in the value-added strategy and the Saskatchewan Growth Plan 2020-30.