Business competition seeks start-up companies

By Michael Gorman

THE VANGUARD

NovaNewsNow.com

A new business competition is designed to get entrepreneurs in Nova Scotia thinking big about ways to expand their ideas or companies beyond this province.

Dan MacDonald, President and CEO of Innovacorp, the company putting on the competition, said the idea of the I-3 Technology Start-Up Competition is all about fostering economic and business development from within the province with start-up businesses.

"We're on a mission to build Nova Scotia companies," he said to a group of about 20 people during the competition launch last Thursday at the Grand Hotel. Yarmouth's zone (which includes Shelburne, Queens and Lunenburg Counties) is one of five regional zones.

"It's essential to build companies that grow here, put roots here, build here, reinvest their wealth here, etc.," said MacDonald, when later asked about the importance of such a competition.

Innovacorp is a crown corporation and the task of fostering in-province business development is part of the charter given to them by the provincial government.

Each zone will have a first- and second-prize winner. First prize is $100,000 divided into $50,000 cash and $50,000 worth of in-kind services such as marketing, legal, consulting and accounting services. Second prize is $40,000 split in half the same way as first place. The five zone winners will compete for the top provincial prize — a microfund investment of $100,000.

Innovacorp typically works with information technology and biotech companies by helping them grow, develop and find investors.

MacDonald said competition judges will be looking for five keep points when they evaluate entries: that the company is Nova Scotia based; has a credible business plan; offers unique technological ideas; will appeal to national and international markets; and has a probability of getting a fully-funded business plan.

"This is the lens we look through when we engage a client on a first, second, third (meeting)," he said.

"With the I-3 competition, the hypothesis here is that there is entrepreneurial activity happening all across Nova Scotia.

"(This) is intended to tap that entrepreneurial activity across the province . . . We want to be able to look back at this competition and be able to identify two to five companies that we didn't know existed that are now sustainable companies hiring people (and) moving down their path or journey towards market development."

Jason and Matthew Doucette attended the presentation. The Doucettes work in graphic design and have also worked at developing video games. While they aren't sure if the competition is for them, they see the possible benefits of getting involved.

"We've tried to do as much as we can on our own," said Jason. "But at the same time, what we're doing is largely research based. It's taken a lot longer than we expected and we don't have the best equipment. We could be doing a better job, so if someone did invest (in us) maybe we could get (to our goals) quicker."

MacDonald said the hope is to get 75-100 submissions province wide. The deadline for submissions is Oct. 9.