TECHNOLOGY

Saskatoon’s tech industry shines bright! The sector is rapidly growing with many successful startups adding to this thriving industry. It is estimated the tech sector has added approximately $4.7 billion in GDP to the provincial economy, making up 5.6% of the total provincial Real GDP. In 2022, $136 million in venture capital was invested in Saskatchewan tech companies.

Get to know Silicon Prairie with the Saskatoon Tech List:

Tech start-ups can find a home at Co.Labs, Saskatchewan’s first technology incubator, which accelerates the development of Saskatchewan’s tech sector by identifying high-potential startup founders and helping them take their technology from an idea to $1 million in annual recurring revenue (ARR) in under 3 years with a smart cap-table. In the past 29 months, Co.Labs generated over $10 million in revenue and created more than 160 full-time jobs for Saskatchewan’s economy.

Saskatoon is also home to many home-grown tech companies rounding out Saskatoon’s tech ecosystem:

• Vendasta, a software company that builds and curates digital business solutions. In 2021, Vendasta announced $119.5M in venture capital funding, a record for Saskatchewan. As of 2021, Vendasta employs 525 people.
• 7shifts Restaurant Scheduling Inc, a leading labor management platform for the restaurant industry, employs more than 125 people and has collectively saved restaurateurs over $200 million in labor costs. In 2022, 7shifts announced it has raised $80M in Series C funding.
• Coconut Software, is an appointment scheduling and lobby management solution used by leading banks and credit unions across North America, including RBC Royal Bank, Arvest Bank, Vancity and Rogue Credit Union. In 2021, Coconut Software closed $28M in Series B funding.

SUPPORT

BUSINESS INCENTIVES

The Government of Saskatchewan has two incentives available to tech companies to support the growth and success of tech in Saskatchewan:

• The Saskatchewan Technology Fund, is a funding program designed to support industry-driven technology, innovation, and improvement projects that lead to the mitigation, sequestration or capture of greenhouse gases (GHGs).
• The Saskatchewan Technology Startup Incentive, which provides a non-refundable 45% tax credit for individuals, corporations and venture capital corporations investing in eligible startup businesses
• The Saskatchewan Commercial Innovative Incentive, is a new-growth tax incentive that offers eligible corporations a reduction of the provincial Corporate Income Tax Rate (CIT) to 6% for 10 consecutive years for eligible corporations that commercialize their qualifying intellectual property in Saskatchewan.