Federal Funds Could Benefit Local Business Innovation

Recent funding of just over $2 million to an innovation hub in Saskatoon might seem to be distant from Moose Jaw but the project in the Paris of the Prairies as well as a similar one in Regina offer opportunities for the Friendly City to cash in on some technology funds as well as expertise and supports that could power the local economy to new highs.

On December 15th the federal government through Western Economic Diversification Canada (WED) announced funding of $2,080,000 for Co.Labs to expand capacity of its digital technology accelerator and incubator programming. With this investment, Co.Labs will be able to sustain and expand the services it offers.

Since CoLabs has helped increase venture capital investment to Saskatchewan technology companies, supporting new companies to start up, scale up, and bring new jobs and revenue to Saskatchewan.

A similar tech incubator in Regina has helped MemoryKPR, a firm with strong Moose Jaw ties, to get off the ground and provide support in its development.

“The business incubator is a pretty good thing for Regina,” Jessica McNaughton, co-founder of MemoryKPR said. Being part of the incubator not only helped get her idea and firm off of the ground but also allowed her to work in a group of new and innovative thinkers and entrepreneurs she may not have met otherwise.

Despite not being located in Moose Jaw the two incubators can still benefit business and technology development here.

“The funding of $2,080,000 announced for Co.Labs today will help expand the capacity of its digital technology accelerator and incubator programming. With this investment, Co.Labs will be able to sustain and expand the services it offers. Co.Labs works with technology companies and contacts across Saskatchewan, including Moose Jaw, to support them as they start up, scale up, and bring new jobs and revenue to Saskatchewan,” Rhonda Shymko wrote in response to questions submitted by MJ Independent and how the incubators could help entrepreneurs in this community.

Bringing the incubator approach and related funding plus expertise is something the Moose Jaw and District Chamber of Commerce are interested in fostering here the Chamber’s Rob Clark said. Technology development, business development, innovation and diversifying the local economy are key goals for the Chamber.

Gaining more incubator support or even establishing an incubator here locally is something the Chamber is striving for.

Asked if the City was not at odds at where the Federal Government is headed in relation to the new SaskPower natural gas generated when it comes to carbon reduction Shymko said that is not necessarily so and WED funding may try to reduce carbon and greenhouse gases at the same time they have funded projects involving the energy sector.

“As we continue to address the challenges of today and the impacts of the COVID-19 pandemic, we remain focused on meeting the tests of the future. Climate change is the biggest long-term threat of our generation, but it is also the greatest economic opportunity. By accelerating action to fight climate change and rebuilding a more sustainable and resilient economy, we know that we create new jobs and opportunities for Canadians, while also ensuring cleaner air and water for our kids and grandkids,” Shymko wrote, adding “WD has funded many projects from companies throughout the West who look at technologies that reduce the carbon footprint of different industries. We have supported projects that aim to make our economy greener, including in the energy sector.”

WED would like to also stress that it is not just “high tech” they are looking to support locally but there are other opportunities through WED.

“Business ecosystem organizations include not-for-profits that support businesses, innovators and entrepreneurs, for start-up, growth, productivity, technology commercialization, technology adoption, export and investment attraction; including post-secondary educational institutions, business accelerators and incubators, angel networks, Indigenous organizations, social enterprises, industry associations or consortiums, and municipalities or other municipal-type organizations. Over the years, WD has funded projects in a multitude of sectors and today’s investment will provide support to businesses in various industries from the gravel industry to hair salons,” she wrote.