Innovacorp, a Halifax based quasi-governmental funding, assistance and mentoring organization for startups is running a startup competition for companies, or soon-to-be companies, based in Nova Scotia.
Each first place zone winner will receive a $100,000 prize package of a combination of cash and in-kind contributions and each second place zone winner will receive a $40,000 prize package of a combination of cash and in-kind contributions to be used towards the establishment or further development of their start-up ventures. Prize packages will include support and resources in the form of expertise (i.e. legal, accounting, marketing, human resource services), funding and seed investment to be used by winners to develop their start-up businesses.
At the end of the competition, one provincial winner will be selected from among the five first place zone winners, and will be awarded a $100,000 seed investment from InNOVAcorp?s HPiTM Microfund.”
In places with less private-sector startup activity than cities like Vancouver, Montreal and Toronto, these competitions play a significant role in getting potential startups to come out of their shell. The bonus for this competition is that, unlike most competitions of this nature, the prize is significant enough to truly launch a new startup.
They have divided Nova Scotia in to 5 ‘zones’, with significant prizes for the winner and runner up companies in each zone, with one final competition to determine the provincial winner, who gets a 100,000$ cash investment.
Are you in Nova Scotia? Get off your butt and start building that startup! We will be following this very closely and will try to profile as many of the competing companies as possible.