July 09, 2019

SOCO Supports Core Clusters That Complement Saskatchewan's Key Growth Sectors

Saskatchewan Opportunities Corporation (SOCO) released its 2018-19 annual report today, highlighting the core clusters and tenant activities that contribute to the province’s growing technology sector.

“SOCO’s operation of technology parks in Saskatoon and Regina continues to foster business opportunities and support the province’s key growth sectors,” Minister Responsible for SOCO Joe Hargrave said.

Core clusters include agri-tech, health and life sciences, information and communications technology, natural resources, and industry services and support.  These clusters of activity, combined with the parks’ unique technical, business, physical and collaborative environment, provide a unique and comprehensive working environment for tenants and their employees.

“SOCO is responsive to the traditional and emerging clusters in our technology parks and the province as a whole,” SOCO President and CEO Van Isman said.  “By supporting the evolving growth of these clusters and the activities of our tenants, we help grow Saskatchewan’s tech sector.”

Highlights of the 2018-19 Annual Report:

  • SOCO generated a profit of $3.56 million on gross revenues of $41 million.
  • Innovation Place earned a 97 per cent overall satisfaction rating from tenant CEOs.
  • In the last year, 11 new technology companies started at Innovation Place.
  • Over the last 25 years, of the 172 companies that started at Innovation Place,124 or 72 per cent are still operational in Saskatchewan - more than double the Canadian new business survival rate of 35 per cent.
  • Innovation Place offered 156 tenant programs in 2018-19, attracting approximately 9,500 attendees to professional development events and park activities.
  • Innovation Place is now home to a second incubator - Cultivator, Conexus’ new business incubator.

Cultivator, located in Regina, and Co.Labs, Saskatchewan’s first tech incubator located in Saskatoon, are successfully supporting scores of new potential startups annually.  Innovation Place is proud to be providing support to both incubators.  SOCO is a Crown corporation that operates under the business name Innovation Place.

The technology parks, located adjacent to the province’s two universities, are currently home to 142 tenants employing over 4,000 people.  Innovation Place provides a supportive environment for startup and early-stage technology companies, offering world-class scientific amenities, specialized services and park infrastructure that foster tenant collaboration, growth and innovation.

The 2018-19 Annual Report is available online at www.soco.sk.ca.