Despite the challenge of the pandemic, the Saskatchewan Opportunities Corporation (SOCO) is reporting that the tech industry continued to grow throughout 2020, with the pandemic affecting the workplace environment more than the corporation’s income.
The annual report from SOCO, which operates under the business name Innovation Place, shared that both technology parks in Saskatoon and Regina saw an increase of tenants utilizing their spaces.
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“While COVID-19 had a significant impact on our technology parks, we remained committed to providing a safe, supportive environment for our tenants and employees,” said acting President and CEO Brent Sukenik from SOCO.
The positive report comes during an anniversary year for Innovation Place, with Saskatoon celebrating 40 years in operation and Regina celebrating 20.
A total of 12 new technology companies set up their headquarters in Innovation Place, fulfilling the technology parks’ primary market targets. Currently, Innovation Place is home to 144 tenants, which employ a total of 3,700 people in Saskatoon and Regina.
Notable agreements include a new partnership with the Global Institute for Food Security, which will take 33,000 square feet in the Saskatoon park for a greenhouse, growth chamber and office space.
Tenant CEOs also offered positive feedback on the facilities, with over 92 per cent saying they would recommend the parks to others.
Workplace environments saw the most change due to the pandemic, said SOCO, with almost two-thirds of tenants moved to online or work-from-home arrangements when the province’s public health orders came into place last spring.
Innovation Place said it adjusted rent models accordingly and made the shift to providing more virtual supports.
SOCO generated a net income of $619,000 in the 2020-21 fiscal year, for a total revenue of $37.5 million.
The pivot to providing tenant programming online proved successful, said the report, as Innovation Place offered 66 business development and networking events that drew in 4,600 attendees.
Although much smaller numbers than last year — which saw a total of 144 events with 12,000 attendees — the report says the corporation feels comfortable with the progress made this year.
“As we continue to help grow Saskatchewan's technology sector and support the province’s key growth sectors, we look forward to renewing our focus on business development and expanding Saskatchewan’s vibrant tech ecosystem,” said Sukenik.
Sask. tech industry grew in 2020, says provincial report from Innovation Place - The Battlefords News-Optimist
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