Economic Development Strategy
The Entrepreneurial Foundation of Saskatchewan
& Saskatchewan Entrepreneurial Fund
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Economic Development
The process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation.
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Central’s Economic Development Philosophy
Private Sector Driven• Mobilize private sector • Support from public sector partners
Promote Inclusiveness Focus on “main street Saskatchewan” Not “another government program”
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Current Environment
Venture Capital Investment Categories
Small Capital: <$1,000,000 to new or existing enterprises
Mid-Size Capital: $1,000,000 to $5,000,000
Large Capital: >$5,000,000
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Investment Gaps
Stages: Research and development Pre-commercialization Start-ups Growth
Size: Small capital investments
• Those who require <$1,000,000 in financing
Sector: No gaps identified – all to be considered Conventional agriculture and retail
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Proposed Framework
Entrepreneurial Foundation (not-for-profit)• Advisory service for entrepreneurs seeking
capital of <$1,000,000
Entrepreneurial Fund• Fund established to make <$1,000,000
investments (as recommended by the Foundation)
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Proposed Foundation and Fund Structures
Entrepreneurial Foundation
advisory role to applicants
Adjudication Board Makes
recommendations for potential investments
Experienced business people and professionals.
Entrepreneurial FundManaged by external
partner & qualified fund manager
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The Role for Credit Unions
Provide link between local entrepreneurs and Foundation
Provide community leadership through relationship to Foundation and Fund
Get first look at potential commercial customers Bring to life the system’s vision of “growing
communities and its mission: “To enhance the economic and social wellbeing of our members and communities, we provide financial solutions.”
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Entrepreneurial Foundation Board of Directors
Chairperson - Keith Brown, President and CEO Trailtech Inc.
Vice-Chair – Garnette Weber, CFO, Itracks Sonja Dahlman – Economic Development
Officer, Assiniboia Warren Sproule, Partner, Kanuka-Thuringer Garth Melle – Vice President, Research and
Development, SaskCentral
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Entrepreneurial Foundation Board of Directors
Ray Ahanekew – Acting President, SIIT Doug Gill – Industry Liason Officer,
University of Saskatchewan Bob Schad – Industry Liason Officer,
University of Regina Larry Spannier – Senior Vice President,
Crown Investments Corporation
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Entrepreneurial Fund
Model consistent with traditional venture capital structures
PFM Capital Inc. was selected as fund manager
Fund manager will make investment in fund
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Current Status
Foundation and the Fund publicly launched Nov 9, 2005.
Foundation CEO is in place Please watch for further information