Sprint is a competition for early stage technology companies in Nova Scotia. Winners receive up to $25,000 and guidance from seasoned business professionals to put their plans into action.
The goal of Sprint is to find and support high potential, early stage knowledge-based companies, and encourage entrepreneurial activity in the province.
Sprint is now open for submissions! The deadline is Monday, January 6, 2020, by 11:59 pm AST.
Below are highlights about the opportunity. You'll also find details in the SPRINT INFO KIT.
We’re looking for the best early stage technology companies in Nova Scotia. If that’s your venture, tell us about it.
Sprint is designed to be an iterative program, rewarding start-ups based on milestone achievement. To provide ongoing support for entrepreneurs, Innovacorp runs multiple Sprint competitions throughout the year.
Target sectors for this program include information technology, clean technology, life sciences and ocean technology. We’re especially interested in deep technology opportunities, which we define as technology based on a scientific discovery or new engineering innovation. However, we welcome submissions from any sector.
Winners receive funding and business guidance to tackle short-term technical and/or business milestones in a start-up “sprint.” Winners that demonstrate progress on milestones may reapply for funding in subsequent Sprint competitions.
Applicants are accepted under two streams:
- Phase 1 Sprint: Company has not previously received Sprint funding.
- Phase 2 Sprint: Company has previously won Sprint funding and has achieved milestone progress. Company is now seeking Sprint funding to undertake new milestones.
Sprint winners have regular meetings with Innovacorp to work on their milestone plans. They also attend three workshops on key subject areas to fast-track their progress: customer discovery, identifying and quantifying billion-dollar opportunities, and intellectual property. Participation in the coaching sessions and workshops is mandatory.
Entrants must be a start-up registered and based in Nova Scotia. They have a new knowledge-based product (i.e., a unique technology solution that cannot be easily duplicated).
Entrants must have identified a large market pain and established a company around a customer-validated problem. Competitive applicants should have a strong technical or business founder and be ready to complete a proof of concept or prototype to validate the technology. Funds awarded are used to support product development or preparation for taking the product to market.
Entrants must be the majority owner(s) (51 per cent or more) of the start-up and plan to work full-time with the business.
Entrants may be from any technology sector. We’re especially interested in start-ups from the information technology, life sciences, clean technology and ocean technology sectors. However, we welcome submissions for any innovation with big market potential.
Entrants must have less than $1 million in cumulative sales.
Winners of Innovacorp’s Accelerate Program (excluding global stream participants) and CleanTech Development Program are ineligible to apply to Sprint with the same product, but may apply with a different product and a different company. Companies that have raised more than $25,000 in equity investment from Innovacorp are also ineligible.
How do I enter?
Entering is easy. Applicants are asked to simply complete the Microsoft Word APPLICATION FORM, answering the questions in the boxes provided, and upload their submissions online by Monday, January 6, 2020, at 11:59 pm AST.
Please note that Innovacorp is unable to accommodate updates once summaries are submitted.
Winners receive up to $25,000 in non-dilutive, non-repayable funding, as well as guidance from seasoned business professionals.
The amount awarded is determined by the judging committee. A total of $100,000 is awarded in each Sprint competition.
Companies are eligible to win a maximum of three Sprint awards in total (i.e., up to $75,000).
All submissions are treated confidentially and not made available to the public. Only those involved in managing or judging the competition view submitted documents. While business details will not be disclosed, Innovacorp reserves the right to announce competition winners.