SOCO Continues Support of Tech Sector Growth, Transitions to New Agency

Released on July 4, 2022

Saskatchewan Opportunities Corporation (SOCO) has released its 2021-22 Annual Report, highlighting activities and accomplishments that contribute to growth of the province's vibrant tech sector. 

SOCO's two technology parks, located adjacent to the province's universities in Saskatoon and Regina, provide an exceptional environment for tenants to work, grow and collaborate with the tech community. Recent enhancements include dedicated platforms for tenant communications, additional partnership programs, expanded hybrid programming, ongoing building improvements, and collaborative spaces for startups and entrepreneurs.

The report highlights the creation of a single innovation agency, effective April 1, 2022. This agency integrates SOCO, a Crown corporation that operates under the business name Innovation Place, with Innovation Saskatchewan, a government agency responsible for implementing the province's innovation priorities. 

"The alignment of SOCO's specialized infrastructure with Innovation Saskatchewan's programming, funding and commercialization activities will play a critical role in growing the province's tech sector," Minister Responsible for Innovation Saskatchewan Jeremy Harrison said. "The new agency effectively showcases Saskatchewan innovation, ultimately strengthening the province's reputation, mandate and programs, and maximizing the economic potential of its research infrastructure assets."

Highlights of the 2021-22 Report include:

• SOCO generated a net income of $1.1 million, with total revenue of $37.2 million.
• 91 per cent of tenant CEOs would recommend Innovation Place to other organizations, according to annual survey results.
• 36 per cent of Innovation Place tenants are benefiting from flexible, supportive business arrangements.
• Innovation Place utilized 17 partnership programs that helped tenants secure extensive credits, discounts and resources. As of March 31, 2022, 71 tenants entered into 146 business arrangements through these programs.
• Innovation Place offered a wide range of in-person and online programming in 2021-22, including 86 business development and networking events that attracted over 4,700 attendees.
• Innovation Place is home to 12 research institutes, with an additional 10 located in close proximity to the technology parks. These institutes support the growth of private tech companies and strengthen the broader tech ecosystem.
• Since 1993, Innovation Place has supported the establishment of 205 new private sector startups, with approximately 70 per cent still in operation and the majority of companies still operating in the province.

As of March 31, 2022, Innovation Place was home to 151 tenants, employing 3,700 people in the Saskatoon and Regina technology parks.  A diverse mix of tenants, a dynamic social atmosphere and high-quality facilities work together to create a community that encourages innovation, collaboration and entrepreneurship.

The 2021-22 Annual Report is available online at www.innovationplace.com/soco.

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