Innovacorp today announced the appointment of Patrick Keefe to the position of investment manager, bringing with him over 14 years of highly relevant investment and entrepreneurial experience.

Mr. Keefe has held senior positions with Boston-based venture capital firm Atlas Venture and the Boston Consulting Group, which provides strategic advisory services for leading companies around the world. Most recently, from 2004 to 2009, Mr. Keefe independently built a successful Starbucks Coffee business in Atlantic Canada, securing an exclusive license to operate. He opened 11 locations in five cities before they were acquired by Starbucks Corporation in August 2008.

Mr. Keefe obtained a Master of Business Administration in 1999 from Harvard University Business School. For the past four years, he has been recognizing and encouraging innovation as an active member of the Ernest C. Manning Awards Foundation’s Atlantic chapter.

“Patrick brings to Innovacorp significant knowledge economy investment and operational experience,” said Dan MacDonald, president and CEO of Innovacorp. “I am very confident that his contributions through Innovacorp will positively impact the venture capital landscape.”

As an Innovacorp investment manager, Mr. Keefe will be responsible for the full cycle of venture capital investment, including opportunity sourcing, due diligence, deal structure, recommendation, closing and governance.

“My role at Innovacorp provides me with the opportunity to engage in venture capital as well as apply my knowledge, experience and energy toward helping high potential companies grow and succeed,” said Mr. Keefe.

Mr. Keefe begins his position with Innovacorp today, November 16, 2009.

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.

Innovacorp manages the Nova Scotia First Fund (NSFF), which provides early stage high growth potential companies with timely venture investments of typically between $100,000 and $1.5 million. Its objective is to maximize return on investment for Nova Scotia while contributing to the growth of the province's knowledge economy. Since its recapitalization in 2003-2004, the fund has leveraged $32 million of investment ($13 million from outside Atlantic Canada) from financial institutions, strategic and angel investors, and other seed and venture capital funds for early stage high growth companies.

For more information, contact:
Jennifer Guy
424.8670 x 1197

Halifax, Nova Scotia, November 16, 2009