Provincial I-3 Technology Start-Up Competition Launched

More than $700,000 worth of seed investment and business building services will be awarded to 10 start-up companies in the 2009 provincial I-3 Technology Start-Up Competition.

Building on the success of the 2007 competition, InNOVAcorp launched the 2009 competition today, Sept 9, with the goal of creating new Nova Scotia knowledge-based companies.

"Innovation leading to a robust knowledge-based economy is critically important for Nova Scotia's future prosperity," said Percy Paris, Minister of Economic and Rural Development. "The InNOVAcorp I-3 competition has supported, and will continue to support, the high-potential early stage companies that keep our economy thriving."

The competition will take place in five zones across the province. Each first-place zone winner will receive a $100,000 award package and each second place zone winner will receive a $40,000 award package of seed investment cash and in-kind contributions for development of start-up ventures.

One provincial winner will be selected from the five zone winners, and awarded a $100,000 seed investment from InNOVAcorp's HPi Microfund.

"In 2007-08, InNOVAcorp rolled out the I-3 Technology Start-Up competition provincewide, and it was a huge success with over 120 entries from all areas of Nova Scotia," said Dan MacDonald, president and CEO of InNOVAcorp. "All 10 winners from the competition are moving forward and constantly growing, and we hope to see the same level of entrepreneurial spirit this time around."

Piloted in Cape Breton in 2006, I-3 stands for Idea, Innovation, Implementation, the early steps in the commercialization process. The competition is meant to foster and support entrepreneurial spirit, build local business capacity across Nova Scotia, and encourage new technology start-up companies.

"Starting a technology company is never easy, especially in today's challenging economy," said Roland Swift, president and CEO of Digby-based Morswift Machines, the 2007 I-3 Technology Start-Up Competition winner. "Participating in, and ultimately winning, the I-3 Competition, then receiving ongoing support and guidance from InNOVAcorp, have been key ingredients to building our company."

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

A six-person judging committee in each zone will include representatives with relevant private-sector start-up business expertise. The committee will consider the quality of the business idea the strength of the management team, and the clarity and persuasiveness of the written plan and oral presentation.

Entrepreneurs have until 5 p.m. on Thursday, Oct. 8, to submit entries. Finalists will get professional assistance to polish their plans and pitches during the competition's third and final round. The five zone winners will be announced Jan. 26, and the provincial winner will be announced Feb. 9. Submissions can be completed online at www.innovacorp.ca .

InNOVAcorp helps early stage Nova Scotia companies commercialize technologies and succeed in the global marketplace. InNOVAcorp's High Performance Incubation (HPi) business model is recognized internationally as a "best practice" technology commercialization approach. It incorporates incubation infrastructure, business mentoring, and seed and venture capital investment. InNOVAcorp 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.