Released on April 5, 2012
In the last four years, 47 new companies started businesses in Saskatchewan at Innovation Place facilities in Saskatoon, Regina and Prince Albert. Twenty eight were local technology startups and 19 were from outside Saskatchewan.
Recent surveys show people who work at the technology parks are young, well educated and together with the organizations they work for, are making a significant impact on the economy of the province and the cities in which they work.
"The impact of our clients goes beyond mere numbers," Minister responsible for Innovation Place Rob Norris said. "Our clients have developed new pharmaceuticals and ways to detect disease, new varieties of food crops, new ways to use computers that enrich our lives and new ways to minimize our impact on the environment."
"Innovation isn't about buildings," Innovation Place President and CEO Douglas Tastad said. "It's the people working inside those buildings and the personal relationships they develop with each other that results in innovation."
Key findings from the 2011 surveys show:
- The 2011 aggregate impact on the provincial economy is $906 million.
- More than 5,000 visitors from outside Saskatchewan visited tenants at Innovation Place facilities last year.
- Seventy-eight per cent of all tenants are Saskatchewan based organizations.
- Seventeen per cent of private sector tenants in Saskatoon hold or have pending at least one patent.
- Thirty-five per cent of people who work at Innovation Place facilities are under the age of 35.
- Seventy-four per cent of all employees have completed at least an undergraduate degree or diploma, primarily from a Saskatchewan post secondary institution.
Economic data is based on an annual survey of the tenants which uses the total value of local goods and services together with staff salaries to determine economic contribution. The model has been used for 16 years and was originally developed at the University of Saskatchewan.
Demographic data was obtained from a survey of tenant employees and a survey of CEOs and on site senior managers.
About Innovation Place
Innovation Place is designed to create clusters of creative energy, fostering success by providing facilities, services and amenities to create unique opportunities for businesses in the science and technology sector.
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