ESIO seeks impact instead of returns from rejigged investment fund
By
Karen Unland
The Edmonton Screen Industries Office is seeking permission to use a $4-million fund to build capacity in the creative industries rather than investing in productions with the expectation of financial returns.
The change, described in a report to go before city council's executive committee on Feb. 15, would allow the fund to have "a more enduring effect," said Tom Viinikka, CEO of the ESIO, which supports the creation of film, television, and interactive digital media in Edmonton.
"Our goal is not to make money," Viinikka told Taproot. "It's to make an industry that then makes money."
The Edmonton Screen Media Fund (ESMF), which was established in 2018, has been structured like a venture capital fund, investing in productions that seem most likely to be successful, in hopes that the returns from a few big winners will more than cover the losses on projects that don't work out.
The ESIO wants to replace it with the Strategic Initiatives Fund (SIF), which would invest in infrastructure to support local creatives and attract foreign producers; leverage other financing to support the creation of intellectual property; and help local talent develop skills and commercialize products. Administration supports the move, which won't cost any money but requires council approval.
As the ESIO's report puts it, "we want to amplify our ability to create impact by moving from investing in individual projects to investing in things that will create increased opportunity and growth for many projects at a time."
Screen industry projects in Edmonton are having a bit of a moment, with the runaway success of Skinamarink, a local production that has earned 100 times its crowdfunded budget of $15,000; the high profile of HBO's The Last of Us, part of which was shot in Edmonton; and massive anticipation of Nightingale, a steampunk-infused survival crafting title in production at Inflexion Games.
Does the new funding structure mean we'll see more Skinamarinks? "That would be the hope," said Viinikka, attributing the film's success to the creative team that found ways to spend time together and mess around with unique ideas. If the SIF can help others find that kind of time and space, more great work will emerge, he said.