sredanov2011

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SASKATOONEXPRESS.COM - November 28-December 5, 2011 - Page 19

Celebrating Success

in Saskatoon’s Information Communications Technology Sector

Regional Economic Development Authority

sreda.co

The Saskatoon Regional Economic Development Authority (SREDA) is very proud of the community it serves. We work with the City of Saskatoon, the Province of Saskatchewan, surrounding rural communities and more than 200 private sector investors to build and grow the region’s economy. 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.

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SREDA and Ideas Inc building Saskatoon business A visit eight years ago to Memphis, Tennessee inspired those in Saskatoon’s business community to seriously look at the idea of a business incubator in the city. A business incubator is defined as an organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services. “At the time, River Landing was a brown field,” recalls Phyllis Lodoen, Executive Director of Ideas Inc, “but at that point, the city agreed to provide the electrical building to launch the incubator.” She says from there, the “stars started aligning.” Ideas Inc was created, developed and governed by the Saskatoon business community and shares a building with the Saskatoon Farmers’ Market. Its Board of Directors is made up of representatives from Saskatoon Regional Economic Development Authority, Chamber of Commerce, North Saskatoon Business Association, Saskatoon Young Entrepreneurs and Professionals, three Business Improvement Districts, Whitecap Dakota First Nation and the Saskatoon Region Association of Realtors.

Ideas Inc started serving its first clients in fall 2007 and has been operating fulltime since May 2008. Lodoen says the original business plan suggested that by the end of the first year, Ideas Inc hoped to operate at 50 per cent; by the end of the third year, at 80 per cent. “We were full in May 2008, and we’ve been full ever since,” remarks Lodoen. She says the very success of Ideas Inc also posed a problem, because you can only take in more clients once the current ones “graduate.” There are different levels of programs for entrepreneurs. Ideas Inc started out with a residential program where businesses could stay in the incubator at the Saskatoon Farmers’ Market for up to three years. Ideas Inc also provides support for home-based businesses that need access to things like photocopying or a fixed address. There are also spaces for clients who are building business plans and don’t necessarily need a storefront space. They would have access to Ideas Inc’s affiliate mentorship and advisory programs, too. And, Ideas Inc also offers a summer market program alongside the Farmers’

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Market that supports small import and artisan businesses. The first set of residential clients graduated last year, including plan9films, which moved into a studio in Saskatoon’s north end, and Sunday Morning Organic Salon and Spa, which relocated to 22nd Street. Lodoen points to Cava as a good example of what businesses can do with incubators, as it has graduated more than one company. It is perhaps best known for its wine store, but it has also added a store featuring stem and dinner ware, a cafe and a gourmet food store in the market. Lodoen says there is a lot of demand for incubation services. A month ago, a new incubator was launched at Whitecap Dakota First Nation, which will be expanded over the near few years as the reserve develops its hotel and business park. Tim LeClair, Chief Executive Officer of SREDA, sees the demand, and potential, too. He says last year, there were over 1,000 new business licenses granted in Saskatoon.

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Tim LeClair, Chief Executive Officer of SREDA promotes sustainable economic growth in Saskatoon

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