Nova Scotia start-ups with technology to clear clogged drains, a construction innovation to reduce mould and wood decay, a time-delayed bait dispenser, compounds that could treat superbug infections, and nanotechnology to enhance analytical chemistry labs have each won $100,000 in cash and in-kind services.
(NOTE: A brief description of each of the winners is available at HTTP://INNOVACORP.CA/I-3-ZONE-WINNERS-2011-2012.)
Innovacorp today, Jan. 26, announced the winners in the provincial I-3 Technology Start-Up Competition, an innovative competition to find and support high potential Nova Scotia knowledge-based businesses.
"We are excited about the start-up companies selected. We believe they are developing compelling and important new products and services," said Clifford Gross, president and CEO of Innovacorp. "It's gratifying to see the range and quality of entrepreneurial activity occurring throughout the province."
First-place zone winners each receive a $100,000 combination of cash and in-kind services from firms in their zones to help further develop their start-ups. The second-place winners get $40,000 combinations.
Winners in each zone are:
Zone 1 (Cumberland, Colchester, Pictou, Antigonish and Guysborough counties)
1st Place: Water Drills International Inc., Jim Proudfoot, Lynn Christie – New Glasgow
2nd Place: znanja, Tim Houston, Jim Fitt – New Glasgow
Zone 2 (Lunenburg, Queens, Shelburne and Yarmouth counties)
1st Place: Ventgrid Inc., Gord McPherson, Andre Veinotte, Anthony Smith – Chester
2nd Place: Van Dyk Specialty Freezing Innovations, Peter Van Dyk, Jeannie Van Dyk, Charles Van Dyk – Caledonia
Zone 3 (Digby, Annapolis, Kings and Hants counties)
1st Place: The Bait Savour, Vince Stuart – Meteghan Centre
2nd Place: Nova Ergonomic Tool Technologies Inc., Eric Bourque – Comeauville
Zone 4 (Halifax Regional Municipality)
1st Place: DeNovaMed Inc., Christopher McMaster, Donald Weaver, David Byers – Halifax
2nd Place: BIKE Scientific, Michael Barr – Halifax
Zone 5 (Victoria, Cape Breton, Inverness and Richmond counties)
1st Place: J&K Scientific Inc., Krishnat Naikwadi – Edwardsville
2nd Place: GoVenture World Inc., Mathew Georghiou – Sydney
The first-place winners will move on to the PROVINCIAL ROUND ON FEB. 8, to compete for a $100,000 seed investment from Innovacorp.
The zone winners were selected through two rounds of competition. In the second round, the finalists submitted detailed business plans and gave oral pitches of their start-up businesses to the judges. Finalists were evaluated on business plan credibility, management experience, barriers to competitive entry, size of addressable market and the probability of obtaining a fully funded business plan.
Innovacorp ran a pilot I-3 competition in Cape Breton in 2006 and its first provincial competition in 2007-08. This is the third provincial competition. In less than six years, the competition has received 414 start-up company submissions, reflecting the high level of entrepreneurship happening across Nova Scotia.
For additional information on the I-3 competition, visit WWW.INNOVACORP.CA.
For more information, contact:
Halifax, Nova Scotia, January 26, 2012