Minister Vandal announces federal funding to strengthen Saskatchewan’s technology sector
News release
$2,571,000 from PrairiesCan will support Co.Labs’ tech incubator
May 22, 2024 – Saskatoon, Saskatchewan – PrairiesCan
Saskatchewan is home to a thriving tech ecosystem, thanks to leadership from home grown leaders and incubators like Co.Labs, which PrairiesCan has supported and worked with since its launch in 2017. To date, Co.Labs has incubated 201 Saskatchewan tech start-ups, raised over $37 million in private investment, generated over $60 million in revenue, and created over 800 jobs.
Co.Labs has also established an annual event for start-ups in Saskatchewan – Uniting the Prairies, or “UP” – attracting hundreds of investors, start-ups, and community members from across Saskatchewan, Alberta, and Manitoba to showcase progress and achievements in the Prairie tech sector.
Today the Honourable Dan Vandal, Minister for PrairiesCan, announced a federal investment of $2,571,000 aimed at continuing the growth of Saskatchewan’s tech ecosystem through renewed program delivery, including establishing the new X in Residence (XiR) program, and staging the UP conference over three years.
The XiR program provides expert strategic advice to high performing founders and high growth companies to help them accelerate growth.
Quotes
“Entrepreneurs and business start-ups are helping to build a strong and resilient economy across the Prairies. We are pleased to support them with this investment in Co.Labs and other measures to grow the tech sector and create high quality jobs in Saskatchewan.”
–The Honourable Dan Vandal, Minister for PrairiesCan
“PrairiesCan’s investment demonstrates their commitment to the continued growth of Saskatchewan’s tech ecosystem. Their support of the XiR program has unlocked a new level of expertise that our local startups need to reach the next stages of growth.”
–Jonathan Lipoth, Executive Director, Co.Labs
Quick facts
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Co.Labs is an independent non-profit incubator, funded primarily by the federal and provincial governments through PrairiesCan and Innovation Saskatchewan.
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The incubator currently offers four programs: Co.Learn, Co.Launch, Co.Link, and Co.Lead. These programs are designed to feed into each other and help entrepreneurs progress from ideation to the Series A stage.
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Budget 2024 included new commitments for Canadian entrepreneurs and start-ups, including:
- $60 million over five years for Futurpreneur Canada, a national not-for-profit organization that provides young entrepreneurs with access to financing, mentorship, and other business support to help them launch and grow their business.
- $200 million over two years, starting in 2026-27, to invest in Canadian start-ups and increase access to venture capital for equity-deserving entrepreneurs, and to invest in underserved communities and those outside key metropolitan hubs.
Associated links
Contacts
Carson Debert
Press Secretary
Office of the Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor
Carson.Debert@rcaanc-cirnac.gc.ca
Craig Henry
Communications Manager
Prairies Economic Development Canada
Craig.Henry@prairiescan.gc.ca
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