Last month we reported on a number of items, including:
There has been progress in the past month on these and other items as highlighted below:
Industry Consultations Completed
As noted in our last update, the first industry consultations were held in mid-June in Saskatoon, Edmonton and Winnipeg. The output of these consultations has now been reviewed and we are happy to report on a number of key highlights from these sessions.
Thought Leaders’ Summit
The program for this event is evolving nicely with some corporate sponsorships now committed. Watch for updates on our website for the summit agenda and registration information. Plan to attend if you can. We are seeing a growing interest in Western Canada to host more global conferences on plant proteins.
PIC has been making good progress on our CEO search. As of Aug 10th, our search consultants report that we have applications from a total of 71 potential candidates. The search committee of the PIC board met Aug 7th and reviewed the long list of potential candidates. We are happy to report that we have some very capable applicants who have expressed a keen interest in the CEO role. The search committee of the board will present its short list of candidates to be interviewed to the PIC Board when it meets in Calgary on Aug 23rd.
PIC has now filed all required documents with ISED to complete the Federal Treasury Board submission to receive approximately $150M in funding. ISED is currently preparing the Federal Treasury Board funding request for PIC which will likely be reviewed by Treasury Board Canada in September. Once that process is complete and a formal contribution agreement has been negotiated, funds will start to flow to PIC and the organization can establish operations and programs.
PIC Venture Fund
The groups involved in forming the PIC venture fund continue to meet weekly and discussions are underway with various Limited Partner investors related to their due diligence requirements to invest in the PIC venture fund. A search for a CEO for the venture fund is now complete and a short list of candidates will be interviewed to select a leader for the fund in the next few weeks. We are also increasingly receiving interest from US-based venture capital funds that have a strategic interest in plant protein businesses and who are interested in co-investing with the PIC venture fund.
Discussions with other Federal Agencies
Discussions are underway with various federal agencies as to how we collaborate to increase innovation resources as well as improve the policy and regulatory environment for advancing the Canadian plant proteins industry. These agencies included Agriculture and Agri-Food Canada, Western Economic Diversification Canada and the National Research Council Canada, all of whom have the potential to provide significant assistance in aid of PIC vision and mission.
Upcoming PIC Board and Committee Meetings
The PIC board will be meeting in Calgary on Aug 23rd. Included on the board’s agenda will be:
Committee activity will be strong during August. The PIC Governance Committee will meet twice in August to select a CEO. The Projects Committee meets Aug 10th in Saskatoon to begin identifying processes and priorities for getting projects ready for funding once federal funds are in place and PIC operations have been fully established.
Following the Calgary board meeting, a few PIC directors will travel to Lethbridge to tour a number of food processing operations and meet with local industry. Our thanks to Trevor Lewington, CEO at Economic Development Lethbridge for his assistance in pulling this together.
Please contact Rhonda or I if you have further questions. Thank you to everyone for your continued support!
Rhonda Ekstrom: email@example.com
Frank Hart: Frank.Hart@greystone.ca
PIC office hours are 7:30 to 11:30 am Monday through Thursday.
#150K – 2 Research Drive
Regina, Saskatchewan, S4S 7H9
Tel: (306) 949-0049
Visit proteinindustriescanada.ca for more information about PIC.
PIC Board of Directors