SREDA Innovation

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SASKATOONEXPRESS.COM - June 25-July 1, 2012 - Page A17

Business Excellence

Regional Economic Development Authority

sreda.co

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The Saskatoon Regional Economic Development Authority (SREDA) is very proud of the community it serves. SREDA’s three main goals are to retain and expand local business in targeted sectors, to attract new investment in focus areas, and to ensure the Saskatoon Region is the place to live, work, invest and prosper. We are “Celebrating Growth” through past successes and the new opportunities that now lay ahead.

SREDA Works to Attract Venture Capital Innovation can occur within any industry, business, or city across any aspect of the organization. When innovation is encouraged and supported it can be the catalyst for change, growth, and greater success. Tim LeClair, CEO, Saskatoon Regional Economic Development Authority (SREDA) says there are many companies in the Saskatoon Region innovating through discovery and transformation of ideas into commercial success or widespread use. “In fact, we have highlighted four outstanding companies with innovation at work within this business excellence feature,” adds LeClair. SREDA is placing priority on two main knowledge-based industries - Life Sciences and Information Communications Technology (ICT) in order to accelerate the pace of innovation, attract investment, stimulate job creation, and generate wealth. “Our focus in these sectors is cluster development.” A 2010 Conference Board of Canada Report states that firms belonging to a cluster yield greater economic results notes LeClair. This occurs because of strategically established network agencies, joint research, procurement policies, marketing, and demand-led skills and training programs within a cluster. LeClair explains that the Saskatoon Region has all the elements to form clusters, particularly within these two sectors – proximity, interrelationships between firms, knowledge flows, and a growing innovation agenda.

cause of the collaboration, we are beginning to see stronger efforts and strategies develop to address this reality. “Saskatchewan will experience an investment boom for next 10-15 years,” says LeClair. “It is vital that we take advantage of that now, particularly for these two industries.” LeClair points out that Saskatoon has over $2 billion in research and development infrastructure that is available. In one testimonial, a company from Chicago who utilizes the Canadian Light Source Synchrotron (CLS) described it as their secret weapon because of the ease of access and great relationship with the CLS Management.” The Saskatoon Region is experiencing a lot of walk-up business traffic, which is very positive and does keep everyone busy. However, what we need is a strategically sustainable external effort from the cluster to achieve our greatest economic potential. Successful models that SREDA has looked into include the Life Sciences cluster in California and the Digital Media Zone in Ontario. LeClair says that SREDA is looking Tim LeClair, Chief Executive Officer of SREDA into an innovation mission to California with SREDA often hears that Saskatchewan does companies who are interested in advancing a “However, currently there is a capital and cluster here. not have an abundance of Venture Capital. operating gap in these industries,” LeClair SREDA is also working on Angel Tax LeClair emphasizes that while we agree more says. “Our goal is to help close it.” Credits and Flow Through Shares as a way to “Our competitive advantage is closer col- is needed, we all have to recognize that we encourage venture capital. need a stronger pipeline of companies for laboration and we are working closely with Visit www.sreda.com for more informaVenture Capital to be attracted to our market several key companies on some strategic – such as clusters. Not an easy task, but, be- tion. economic development initiatives.”

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