I-3 Technology Start-Up Competition Launched in Cape Breton

Sydney, Nova Scotia, March 3, 2006 - Cape Breton entrepreneurs will have the chance to put their business ideas into action with InNOVAcorp's I-3 technology start-up competition. The winning entrepreneur will receive $100,000 in cash and in-kind contributions to implement their business plan.

I-3 stands for "Idea, Innovation, Implementation," the early steps in the commercialization process.

"Cape Bretoners have tremendous entrepreneurial spirit and business ideas. We want this competition to encourage the creation of new technology companies," said Dan MacDonald, InNOVAcorp president and CEO. "A sustainable, strong economy requires continuous innovation, especially in the technology sectors. We're confident I-3 will be a catalyst."

Sponsored by InNOVAcorp, the Nova Scotia Office of Economic Development, and JCI Cape Breton, I-3 is open to Cape Breton start-up business ventures with a focus on a new technology-based product or service. Entries must address the entire business concept and include a detailed implementation plan.

The six-person judging committee includes representatives with relevant start-up expertise from the public and private sectors. Evaluation criteria will include: the entrepreneurs' strengths and experience, the uniqueness of the product or service, the size of and ability to address a North American market, and the probability the venture will attract private sector funding.

The funds and in-kind contributions are to be used toward the establishment or further development of the start-up venture as outlined in the submitted business plan. The support includes $50,000 in cash to be used for business expenses, and $30,000 in seed investment through InNOVAcorp's HPi early stage venture fund. The winner will also receive a $20,000 in-kind contribution of hands-on venture guidance and assistance from InNOVAcorp and business leaders in Cape Breton.

"I think the prize package -- the money and the business guidance -- will trigger people to take the next step towards launching their own companies," said Sean Coyle, president of Cape Breton-based VMP Group. "This competition is not about who can write the best plan on paper. We're talking about creating real companies, with real market potential."

Entrepreneurs have until 5 p.m. on Thursday, March 23, to enter the first round. The competition has three rounds. Finalists will get professional assistance to polish their plans during the competition's third and final round. The winner will be announced June 1.

The I-3 competition was launched on Thursday, March 2, at the TecSocial event, a monthly get-together for those with an interest in technology.

With the goal of helping early stage Nova Scotia companies commercialize their technologies, InNOVAcorp recognized the importance of having a full-time presence in Cape Breton and has had a senior venture advisor in place since August 2004. The organization's High Performance Incubation (HPi) business model is comprised of three interwoven resources -- incubation, mentoring and investment -- to help entrepreneurs overcome traditional hurdles to business growth.