MOOSE JAW — Cultivator powered by Conexus Credit Union has set an ambitious new goal: to support 250 Saskatchewan-based companies in reaching annual recurring revenues (ARR) of $1 million by 2050.
Since 2019, 15 companies within Cultivator’s business incubator have successfully reached $1 million in ARRs, proving the program’s concept and potential for long-term growth. Building on this success, Cultivator’s first milestone will be to support 35 such companies by 2030.
With this vision announced at Cultivator Community Night in Regina, Sask., on Feb. 1, Conexus aims to foster long-term economic growth by nurturing and scaling innovative businesses across the province.
The $1 million target is based off research that suggests metrics like revenue generated, capital raised, and the number of jobs created — although useful — don’t tell the full story of how strong a given company is.
“We did some analysis and found out that really, there is a magic number. Once a company meets a revenue target of $1 million in annual recurring revenue… there’s a really high correlation to their long-term success,” said Laura Mock, director of the Cultivator project.
Mock, who was born in Moose Jaw and graduated from A.E. Peacock Collegiate, said she loves the project because she recognized that there weren’t a lot of great opportunities for careers in her home city at the time.
“We want to keep jobs in Saskatchewan and we want to keep our next generation of youth here,” she said. “(Cultivator) is one of the ways that we can do that.”
Cultivator has been operational for six years and was launched to address the lack of a strong technology ecosystem in the province. At the time, Regina was one of the last major Canadian cities without a tech incubator, meaning that local tech startups were forced to relocate to find the resources they need.
Cultivator aims to change this by creating an environment where founders can access a support network, gain access to investment capital, and access program resources to help them navigate the challenges of building successful companies.
Mock said she’s confident that Cultivator will be successful and can meet these goals. “I’m pretty confident with the talent we have here in the province… I think if we can mobilize the entire ecosystem, it is a very achievable target.”
Cultivator’s success story already includes one Regina-based company, Offstreet, that was founded in 2016 by University of Regina graduates Matt Fahlman and Kyle Smyth. Offstreet makes licence plate-based parking validation software.
“They were tired of people leaving the province and they are committed to staying here in Saskatchewan,” Mock explained. “They’ve already created a team of 25 employees (and) they’re adding a ton of value back to our economy, and socially they add so much value.
“That’s the flywheel effect — if we build companies like this, then you get founders with experience that have capital and knowledge that give back and forth to the next generation of entrepreneurs.”
Conexus finished recruitment for Cohort 4 of its Cultivator ag program this January and, on seeing some of the candidates, Mock said “it’s mind blowing to just see the innovation that’s in the pipeline and how creative and innovative these founders can be.”
Cultivator powered by Conexus is Canada’s first credit union-led incubator. Cultivator is dedicated to helping local startups launch, grow, and scale in Saskatchewan, operating under the belief that the Prairies are home to “some of the world’s most resilient founders” and entrepreneurs. Since its inception in 2019, Cultivator has supported over 170 startups with resources, mentorships, and guidance. For more information visit Cultivator.ca.
Conexus is a Saskatchewan-based, member-owned credit union with over 80 years of service and is committed to supporting members and fostering thriving communities. To learn more visit Conexus.ca.
