The information below refers to the I-3 Technology Start-Up Competition that was launched by Innovacorp in September 2007 and concluded with the finale in February 2008.

What is it?

I-3: Idea, Innovation, Implementation

The I-3 Technology Start-Up Competition is a competition for Nova Scotians with potential new knowledge-based businesses.

The purpose of Innovacorp’s I-3 Technology Start-Up Competition is to identify and support high potential early stage Nova Scotia knowledge-based companies, and encourage entrepreneurial activity across the province. The businesses chosen as first and second place winners from across the province are excellent examples of types of companies that will fuel our future economic growth.

The competition took place simultaneously in five geographic zones across the province. In each zone a first and second place winner was selected by a panel of six judges. The five first place zone winners then went on to compete to become the overall provincial winner.

Click here to learn more about the competition's winner.

Click here for videos of the competition's zone winners.

The awards

Each first place zone winner received $100,000 in a combination of cash and in-kind contributions. Each second place zone winner received $40,000 in a combination of cash and in-kind contributions. The cash and in-kind contributions were to be used to establish or further develop the start-up ventures. The in-kind contributions included business building expertise, services and resources (i.e. legal, accounting, marketing, human resource, and other consulting services) from professional service firms located in the winners’ zones.

The provincial winner, selected from among the five first place zone winners, was awarded a $100,000 seed equity investment from Innovacorp. The goal was to use the cash award as leverage to attract additional potential funds that may be available through sources such as angel investors.

The zones

The I-3 Technology Start-Up Competition intended to spark interest across Nova Scotia through the creation of five provincial zones encompassing all 18 provincial counties.

Judging criteria

Each zone had a six-person judging panel consisting of a seasoned entrepreneur, a seasoned business person, a lawyer, a chartered accountant, and two senior representatives from Innovacorp. The judging panel to select the provincial I-3 winner included a representative from the original panel in each of the five zones. The panels assessed submissions based on a pre-determined set of criteria.

Submissions were evaluated based on: business plan credibility, management experience, unique proprietary technology and/or high barrier to competitive entry, large addressable market, and the probability of obtaining a fully-funded business plan. Ultimately, the winning entrants were determined by the judges as having the most commercialization potential.

Eligibility criteria

Nova Scotia-based start-up business ventures with a new knowledge-based product or service were eligible to participate in the competition. To qualify as a start-up business venture, the business should not have generated sales revenue for more than 12 months prior to October 9, 2007, the submission deadline for Round One.

To qualify for the competition, entrants were required to be the majority owner (51 per cent or more) of the business venture and planned to work full time within the proposed business in their local zone.

Important competition dates

How was I-3 different?

What made the I-3 Technology Start-Up Competition unique was its mission to create new technology companies in Nova Scotia. Unlike other competitions that focus on writing the best business plan, I-3 focused on discovering the best business start-ups.

After a successful pilot I-3 competition in Cape Breton in early 2006, Innovacorp and its partners seized the opportunity to roll the competition out province-wide.

Click here to read about 2006 I-3 winner, Halifax Biomedical.

Confidentiality

All submissions were confidential and were not made available to the public. Only those directly involved in managing or judging the competition viewed submitted documents. Business plan details were not disclosed, however, Innovacorp reserved the right to announce publicly those who advanced to subsequent rounds of the competition.

If you have any questions or require more information about the I-3 Technology Start-Up Competition contact:

Shelley Hessian
Innovacorp
902.424.8670
ext. 1123
1.800.565.7051
shessian@innovacorp.ca