MorSwift Machines Inc. is the provincial winner of Innovacorp's I-3 Technology Start-Up Competition, securing a $100,000 seed equity investment from Innovacorp.
Halifax, Nova Scotia, February 12, 2008 – An intense five-month competition came to an end Tuesday evening as Innovacorp announced the provincial winner of the I-3 Technology Start-Up Competition. MorSwift Machines Inc. from Digby NS, was awarded a $100,000 seed equity investment from Innovacorp.
“This investment will allow us to take our business to the next level, and the hands-on support we will receive from Innovacorp and the I-3 partners will give us access to valuable expertise,” said Roland Swift of MorSwift. “The I-3 competition has increased our visibility in the region and has helped us focus on what it will take to achieve market success.”
MorSwift has designed and developed a pneumatic machine for semi-automatically banding bundles of products such as vegetables and building materials. Given the patented banding machine’s broad range of applications, it has the potential to make a significant impact on the international packaging industry. MorSwift has established strong supplier and global distribution agreements. The business model promises product revenue and reoccurring revenue from consumables.
“Throughout the I-3 competition, MorSwift has demonstrated a deep understanding of its addressable market, proprietary technology, and financial and operational feasibility,” said Dan MacDonald, president and CEO of Innovacorp. “It will be fascinating to watch as this company and others that participated in the I-3 competition evolve into the great Nova Scotia knowledge-based companies of tomorrow.”
Launched on September 13, 2007, I-3 is a unique, province-wide competition, taking place simultaneously in five geographic zones across Nova Scotia. Establishing zones maximized community involvement, partner participation, and entrepreneur submissions. Each zone had its own launch event, judging panel, and first and second place winners.
MorSwift was selected as the provincial I-3 winner from among the five first place zone winners:
Zone 1 (Cumberland, Colchester, Pictou, Antigonish and Guysborough counties):
BioNovations Inc. – Joe Boudreau – Antigonish
Zone 2 (Lunenburg, Queens, Shelburne and Yarmouth counties):
CleanCount Inc. – Michael Jarvis and Brent Fay – Chester
Zone 3 (Digby, Annapolis, Kings and Hants counties):
MorSwift Machines Inc. – Roland Swift – Digby
Zone 4 (Halifax Regional Municipality):
Skillz Systems – Paul Behner, Tim Burke, Dean Dachyshyn, and Stephen Hankinson – Halifax
Zone 5 (Victoria, Cape Breton, Inverness and Richmond counties):
Marcato Digital Solutions – Darren Gallop – Sydney
Each first place zone winner received $100,000 in a combination of cash and in-kind business building services to be used toward the further development of their start-up venture. The in-kind contributions include business building expertise, services and resources from professional service firms located in the winners’ zones. Innovacorp and its twenty-eight I-3 partners have increased the support capacity for knowledge-based companies in Nova Scotia.
I-3 stands for “Idea, Innovation, Implementation,” the early steps in the commercialization process. The purpose of the competition is to identify and support high potential early stage Nova Scotia knowledge-based companies, and encourage entrepreneurial activity across the province. Innovacorp received 121 formal competition submissions from entrepreneurs across the province.
Innovacorp helps early stage Nova Scotia companies commercialize their technologies and succeed in the global marketplace. Innovacorp’s High Performance Incubation (HPi)™ business model, which is recognized internationally as a best practice technology commercialization approach, incorporates incubation infrastructure, business mentoring, and seed and venture capital investment. Every day, Innovacorp staff provides hands-on business guidance, tailored to meet the unique and evolving needs of high potential early stage technology companies.
To learn more about the I-3 Technology Start-Up Competition visit www.innovacorp.ca.
For more information contact:
Marketing & Communications
902.424.8670 ext. 1185
I-3 Project Manager
902.424.8670 ext. 1123