The 162 tenants of Innovation Place employ more than 4,700 people and collectively contributed more than $724 million to the provincial economy in 2009.
The economic impact estimate is based on an annual survey of the tenants of the research parks in Saskatoon and Regina and the Forest Centre in Prince Albert and shows an 11 per cent increase over last year.
“As impressive as these numbers are the true value of Innovation Place goes beyond mere dollars,” Minister responsible for Innovation Place Bill Boyd said. Innovation Place name and brand is recognized around the world, contributing to Saskatchewan’s reputation as a research-driven, investment-friendly province.
“The tenants at Innovation Place provide excellent career opportunities for our young people, letting them stay in the province and contribute to the growth of their very vibrant communities.”
Seven start-up companies moved into Innovation Place in 2009 and two companies relocated from outside the province. Private sector driven, most clients are smaller organizations with 60 per cent of them employing ten people or less.
“From ag-biotech and medical research to carbon capture technology and cutting edge IT companies, our research parks are home to a diverse group of science and technology related organizations and our surveys show our tenants are providing good careers for a young highly educated workforce,” Innovation Place President and CEO Doug Tastad said.
Innovation Place was recently awarded the 2009 Outstanding Science/Research Park of the Year by the Association of University Research Parks, an international organization with 180 member parks.
The 2009 economic impact study was conducted and analyzed by Fast Consulting of Saskatoon. By using information such as the purchase of local goods and services and staff salaries they determined the economic impact of the clients’ activities, based upon an economic model developed at the University of Saskatchewan. The survey cost $7,675.