SASKATOON, SK, Dec. 15, 2020 /CNW/ - The COVID-19 pandemic has had an economic impact on all sectors of the economy, but especially on the small and medium-sized businesses that are vital to Canada's economic renewal and future growth. The Government of Canada is taking action to support those businesses and help prepare for recovery.
Today, Terry Duguid, Parliamentary Secretary to the Minister of Economic Development and Official Languages (Western Economic Diversification Canada) and to the Minister of Environment and Climate Change (Canada Water Agency, announced $2,080,000 in funding for Co.Labs to expand capacity of its digital technology accelerator and incubator programming. With this investment, Co.Labs will be able to sustain and expand the services it offers.
Since its establishment in 2017, Co.Labs has helped increase venture capital investment to Saskatchewan technology companies, supporting new companies to start up, scale up, and bring new jobs and revenue to Saskatchewan. Its work helped Saskatoon become Canada's second fastest-growing tech job market by the end of 2019.
Quotes
"Our government is proud to have been there to support businesses through the COVID-19 pandemic and we will continue to be there to ensure they not only survive, but thrive. We are committed to creating one million jobs, returning to pre-pandemic levels, and that means nurturing the innovative start-ups that can grow the economy and hire talented Canadians. This funding helps position new technology companies to succeed on the other side of this pandemic. Let's rebuild together."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada
"As Canada recovers and rebuilds from COVID-19, it is important to support technology innovators who are working to improve our quality of life, create good jobs, and restore and grow the Canadian economy. The Government of Canada's new investment in Co.Labs will help them support more companies and increase services over the next three years. I'm eager to see the growth it will create."
- Terry Duguid, Parliamentary Secretary to the Minister of Economic Development and Official Languages (Western Economic Diversification Canada) and to the Minister of Environment and Climate Change (Canada Water Agency)
"WD's initial investment in Co.Labs vastly accelerated the growth of Saskatchewan's tech ecosystem. The 121 technology start-ups we supported over the last three years have together generated over $15 million in revenues, attracted $9 million in private investment, and created more than 250 new jobs. Building on this progress, the next three years of WD support will not only enable Co.Labs to expand its programming, but also ensure that innovative local tech start-ups are at the heart of our province's economic recovery."
- Jordan Dutchak, Executive Director of Co.Labs
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SOURCE Western Economic Diversification Canada
Contacts: Catherine Mounier-Desrochers, Press Secretary, Office of the Minister of Economic Development and Official Languages, [email protected]; Rhonda Laing, Director, Policy, Planning and External Relations, Western Economic Diversification Canada, [email protected]; Graeme Jobe, Finance & Partnerships Lead, Co.Labs, [email protected]
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