BIBLE HILL – Let the competition begin.
Newly formed companies in Nova Scotia are being encouraged to participate in funding being offered through the provincial I-3 Technology Start-Up Competition, provided through Innovacorp.
“I-3 is all about ideas, innovation and the all-important innovation by entrepreneurs,” said Innovacorp president and CEO Stephen Duff, during the competition launch on Wednesday at the Perennia Innovation Centre in Bible Hill.
“The verdict is in, the verdict is compelling. Entrepreneurs abound in Nova Scotia,” he told an audience of about 40 participants, in reference to such early Nova Scotia business leaders as Sir Samuel Cunard, founder of the Cunard shipping line, Alexander Graham Bell, Alexander Keith and Abraham Gesner, the inventor of kerosene.
The reason for the competition, which offers a total of $225,000 in start-up funding, Duff said, is to help fledgling companies get off their feet.
“We want to find, support high-potential, early stage, knowledge-based companies in Nova Scotia and we want to want to encourage entrepreneurial activity right across the entire province.”
The competition will take place in five geographic zones across the province. Each zone winner is awarded $100,000 in cash and in-kind business building services with the second place zone winners taking home $40,000 in cash and services.
New this year, are cash awards of $25,000 each for the best overall submission in information and communications technology, life sciences, clean technology and oceans technology.
An overall provincial winner, selected from the five zone winners, will receive an additional award of $100,000 in seed investment from Innovacorp.
Companies wishing to apply to the program must do so by Oct. 18.
The zone winners will be announced Jan. 27 and the provincial winner and sector winners will be announced Feb. 12. Submissions can be completed online at www.innovacorp.ca .