Economic Development Strategy The Entrepreneurial Foundation of Saskatchewan

1
Economic Development Strategy The
Entrepreneurial Foundation of Saskatchewan
Saskatchewan Entrepreneurial Fund
2
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.

3
Centrals 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

4
Current Environment

• Venture Capital Investment Categories
• Small Capital lt1,000,000 to new or
  existing enterprises
• Mid-Size Capital 1,000,000 to 5,000,000
• Large Capital gt5,000,000

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Investment Gaps

• Stages
• ? Research and development
• ? Pre-commercialization
• Start-ups
• Growth
• Size
• ? Small capital investments
• Those who require lt1,000,000 in financing
• Sector
• No gaps identified all to be considered
• ? Conventional agriculture and retail

6
Proposed Framework

• Entrepreneurial Foundation (not-for-profit)
• Advisory service for entrepreneurs seeking
  capital of lt1,000,000
• Entrepreneurial Fund
• Fund established to make lt1,000,000 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 Fund Managed 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 systems vision of growing
  communities and its mission To enhance the
  economic and social wellbeing of our members and
  communities, we provide financial solutions.

9
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