Provincewide I-3 Technology Start-Up Competition Launched

A competition designed to create a number of new Nova Scotia-based companies was launced by InNOVAcorp today, Sept. 13. The provincewide I-3 Technology Start-Up Competition is an exciting opportunity for Nova Scotia entrepreneurs with high-potential business start-ups.

"A sustainable, strong and vibrant economy in Nova Scotia requires continuous innovation and the creation of new start-up companies," said Premier Rodney MacDonald. "This competition is an exciting opportunity for people in communities across the province with innovative business ideas."

The competition will take place in five geographic zones across the province.

First-place zone winners in each zone will receive a $100,000 prize package of cash and in-kind contributions. Second-place zone winners will receive a $40,000 prize package of cash and in-kind contributions to be used towards the establishment, or further development, of start-up ventures. Prize packages will include support and resources (i.e. legal, accounting, marketing, human-resource services), funding and seed investment to develop start-up businesses.

One provincial winner will be selected from the five first-place zone winners, and will receive a $100,000 seed investment from InNOVAcorp's HPiTM Microfund.

"After the success of the pilot I-3 competition in Cape Breton in 2006, we recognized the opportunity to take the competition provincewide," said Dan MacDonald, president and CEO of InNOVAcorp. "I-3 is not your typical business-plan competition: our goal is to fuel the creation of new Nova Scotia knowledge-based companies for the long term."

Economic Development Minister Richard Hurlburt said the competition will help drive innovation in Nova Scotia.

"It will spur the growth of high potential start-ups," Mr. Hurlburt said. "If you're an early stage company with a product or service that can be commercialized, we're looking for you."

Zone 1 is Cumberland, Colchester, Pictou, Antigonish and Guysborough counties; Zone 2 is Lunenburg, Queens, Shelburne and Yarmouth counties; Zone 3 is Digby, Annapolis, Kings and Hants counties; Zone 4 is Halifax Regional Municipality; and Zone 5 is Victoria, Cape Breton, Inverness and Richmond counties.

I-3 stands for idea, innovation, implementation, the early steps in the commercialization process. The competition aims to foster and support entrepreneurial spirit in the business community across the province and to encourage new technology start-up companies.

A six-person judging committee in each zone will include representatives with relevant start-up business expertise from the public and private sectors. The quality of the business idea, the strength of the management team, and the clarity and persuasiveness of the written plan and oral presentation will form the basis for the judges' selection of zone winners and an overall provincial winner.

Entrepreneurs have until Tuesday, Oct. 9 at 5 p.m. to submit round one entries. The competition has three rounds. Finalists will get professional assistance to polish plans for the competition's third round. The five zone winners will be announced Dec. 20, and the provincial winner will be announced Feb. 12. Submissions can be completed online at www.innovacorp.ca .

InNOVAcorp helps early stage Nova Scotia companies commercialize their technologies and succeed in the global marketplace. InNOVAcorp's High Performance Incubation (HPi) business model, which is recognized internationally as a best practice technology commercialization approach, incorporates incubation infrastructure, business mentoring, and seed and venture capital investment. Every day, InNOVAcorp staff engages high potential early stage companies to provide hands-on business guidance, customized to address specific business challenges. InNOVAcorp focuses on companies with innovative proprietary technology and/or service offerings.