I-3: “Idea, Innovation, Implementation”
The purpose of Innovacorp’s I-3 Technology Start-Up Competition is to find 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 award winners from across the province are excellent examples of types of companies that will fuel our future economic growth.
To download the full I-3 information kit, click here.
Eligibility
Entrants must be a Nova Scotia-based start-up business venture with a focus on a new knowledge-based product and/or service.
In addition, entrants must be the majority owner (51 per cent or more) of the business venture and plan to work full-time within the business to be located in their competition zone.
Innovacorp investee clients are not eligible for this competition. I-3 zone winners from previous years are not eligible to reapply with the same product/service from the winning submission, but may reapply with a different product/service and a different company.
How do I enter?
The 2011-2012 I-3 competition is now closed to submissions. The round one submission deadline was October 20, 2011. Entering was easy. Entrepreneurs simply submitted a 3 - 5 page summary of their ventures. We received an impressive 142 submissions!
Click here to see a summary template.
The zones
Zone 1: Cumberland, Colchester, Pictou, Antigonish, Guysborough
Zone 2: Lunenburg, Queens, Shelburne, Yarmouth
Zone 3: Digby, Annapolis, Kings, Hants
Zone 4: Halifax Regional Municipality
Zone 5: Victoria, Cape Breton, Inverness, Richmond
Awards
1st Place Zone Winner: $100,000 award package
2nd Place Zone Winner: $40,000 award package
Overall Provincial Winner: $100,000 seed investment from Innovacorp
Judging criteria
Each zone will have a six-person judging panel that consists 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 will include a representative from the original panel in each of the five zones. The panels will assess submissions based on a pre-determined set of criteria.
Submissions will be evaluated based on: business plan credibility, management experience, a high barrier to competitive entry, a large addressable market, and the probability of obtaining a fully-funded business plan. Ultimately, the winning entrants are those determined by the judges to have the highest probability of entering the market in a competitively sustainable fashion and the most commercialization potential.
Important competition dates
| September 13, 2011 | Official I-3 launch |
| October 20, 2011 | Round one (summary submission) entry deadline |
| November 8, 2011 | Round two short list announced |
| December 15, 2011 | Round two (full business plan submission) entry deadline |
| January 16-26, 2012 | Oral presentations (pitches) |
| January 26, 2012 | Zone winners announced |
| February 8, 2012 | Provincial winner announced |
| February 8, 2012 | Awards presentation |
Confidentiality
All submissions will be treated confidentially and will not be made available to the public. Only those directly involved in managing or judging the competition will view submitted documents. While business plan details will not be disclosed, the competition organizers reserve the right to publicly announce those who advance to subsequent competition rounds.
Partners
Innovacorp partners with firms across Nova Scotia to deliver in-kind services to I-3 winners. These firms will provide assistance to the winners in their region.
