NEWS – Saskatchewan Technology Startup Incentive Program announced!
For Immediate Release
Saskatchewan Capital Network Supports New Investor Tax Incentive
[Regina, SK, April 10, 2018] In today’s budget, the Government of Saskatchewan announced the creation of the Saskatchewan Technology Start-up Incentive program which provides a tax credit of 45% to be applied to investments made in eligible Saskatchewan-based corporations. The Saskatchewan Capital Network (SCN) has been advocating for the creation of an investor tax incentive since it was founded 6 years ago and is pleased with the development of this program. SCN anticipates that the tax credit will inspire more investors to invest in Saskatchewan companies while providing them with the capital they need to grow beyond their start up phase in Saskatchewan. Doug Konkin, Chair of the Saskatchewan Capital Network board responds to the announcement: “We are confident that this tax credit will give more people the incentive required to become investors resulting in positive economic spinoffs for the province.”
“To date, our members have been willing to invest in companies at a very early stage of development. These are very high-risk investments,” says Konkin. Companies looking for investment often start with their own money then go to family and friends for additional start up capital. After those sources have been tapped, entrepreneurs look to Angel Investors who provide not only financing but also mentorship and access to the investors’ business networks. Konkin adds, “An Angel Investor Tax Credit will encourage more people to invest in more companies and that investment will ripple through the economy.”
Saskatchewan Capital Network Executive Director, Evelyn Cerda, is optimistic about the new program, “We see a shortage of people in our province willing to invest in businesses at an early stage. These businesses can’t rely on traditional lenders because they’re often bringing new technology to market or exploring new market opportunities,” says. “Closing the current funding gap with a tax credit like this will increase investment in economic diversification, research and development, innovation, commercialization and future-focused jobs.” Cerda notes that the tax credit program will coordinate with other government programs like Co.labs that are helping Saskatchewan companies find investment for growth. “These new programs are helping diversify our economy while creating an ecosystem of support for new businesses.”
The Saskatchewan Capital Network represents Angel Investors in Saskatchewan by facilitating the introduction of investment-ready entrepreneurs to potential investors and providing education for both investors and entrepreneurs. (www.saskcapitalnetwork.com).
For more information, please contact Evelyn Cerda, Executive Director, Saskatchewan Capital Network at firstname.lastname@example.org