The success of a Saskatoon technology incubator means more funding from Western Economic Diversification Canada. Executive Director of Co.labs, Jordan Dutchak, says the federal government’s original investment of $1.1-million in 2017 led to 121 technology start-ups which have generated in total over $15-million, raising over $9-million in private investment and creating 250 jobs.
Dutchak explains that for every dollar the federal government invested, the companies that Co.labs helped were able to generate $22. That means for the $1.1-million investment, $24.2-million was generated for the economy.
Co.labs became Canada’s second fastest growing tech hub last year. The government has promised just over $2-million over the next four hears to help The technology incubator supports the start up and scale up of new technology companies.