Exploring New Horizons in Northwest Alberta

REDI Collaborates with Local Entrepreneurs

Feasibility Studies Pave the Way for Economic Diversification

In an era when economic diversification is paramount, the Regional Economic Development Initiative (REDI) has embarked on an ambitious collaboration with local entrepreneurs to develop comprehensive feasibility studies. It’s just one way REDI helps foster a more resilient and varied local economy.

Building on a Good Foundation: Business Cases

From 2022-2024, REDI worked with consultants to create 25 business cases specifically for Northwest Alberta. They are readily available at rediregion.ca/business-cases

“Our business cases span a wide array of industries. There is everything from food distribution to forestry micro industries to distilling spirits to canola crushing and lithium production,” said REDI Manager Andrew O’Rourke.

Each of REDI’s business cases presents an opportunity. They include research outlining the potential in the market for business startups or expansions as well as the specific regional attributes that could add value from the available resources within the region.

“Based on the feedback we received from our business cases, REDI is taking the next logical step to assist startups in brining these opportunities further along,” said O’Rourke. “We’re collaborating with entrepreneurs to commission in-depth feasibility studies to answer specific questions suited to their ideas.”

Feasibility Studies: what are they, and why do one?

Before you invest everything into your idea, you might benefit from a feasibility study. They are critical for assessing the potential success of a new business venture.

While the price can be a deterrent for some entrepreneurs, REDI is offering a 50/50 cost sharing initiative for locals to take advantage of.

“We ensure all feasibility studies are thoroughly research by qualified consultants who are experts in their fields,” said O’Rourke. “You will likely have questions you want answered. Plus, you’ll be given information about aspects like market demand, financial projections, operational requirements and possible risks.”

By pooling resources, REDI eases the strain on local entrepreneurs and empowers them to make informed decisions when considering new business opportunities.

“REDI is helping derisk new ventures. If you’re ready to start or expand your business in our region, we want you to have the necessary support and guidance,” said O’Rourke.

Success Stories

REDI’s collaboration with local industries has produced several success stories including an innovative food startup, the development of a recreation facility and an agribusiness expansion—to name a few.

“Each new venture contributes to the diversification of the local economy, which provides new opportunities and enhances economic stability,” said O’Rourke.

Ernest Schellenberg of La Crete is the founder of Fuel Cache.

“When we were thinking of starting a new business, one which isn’t comparable to many others, REDI was able to provide us with the knowledge to confidently move forward with our idea. REDI gave us access to expert consultants who offered a full-range feasibility study, giving us insights we didn’t know we needed,” said Schellenberg.

An agribusiness consulting firm based in Alberta, Serecon, worked with REDI and Ernest to develop the feasibility study. The collaboration with REDI allowed Serecon Partner Darren Haarsma and his team to work with Schellenberg.

“We developed a customized financial and operational tool to help inform his growth plans for Fuel Cache,” said Haarsma. “We leveraged our experience working with agriculture and food businesses across Western Canada to bring Ernest practical considerations for building his business in the REDI Northwest region.”

REDI Supports Businesses

In addition to a comprehensive approach, REDI ensures confidentiality. Entrepreneurs have exclusivity to their tailored feasibility study. Sole access to meticulously analyzed factors outlining strengths and opportunities for your company is a huge competitive advantage.

Larry Neufeld is the La Crete Chamber of Commerce Office Manager and a REDI board member.

“It has been wonderful to see the support REDI has shown by working alongside several of our region’s entrepreneurs,” said Neufeld. “By doing feasibility studies, these new businesses are becoming a driving force for a more resilient and prosperous future in Northwest Alberta.”

Interested? Contact REDI.

REDI encourages anyone interested to reach out and ask about business opportunities.

“We are here to provide foundational support for local entrepreneurs. We want to help build robust businesses. We encourage you to access regional resources that resonate with the wider Canadian market,” said O’Rourke. “We not only foster innovation, we help our business owners contribute to the national economy.”

Through meticulous research and strategic planning, REDI is laying the groundwork for economic diversification, ensuring a successful future for Northwest Alberta.

Interested in a feasibility study? Call Andrew O'Rourke at 780-926-0738 https://rediregion.ca/