Supporting Nova Scotia’s aspiring entrepreneurs so they can succeed
News Release
Government of Canada invests in early stage start-up competition to create new opportunities for future business leaders
August 28, 2017 – Stellarton, NS – Atlantic Canada Opportunities Agency
Supporting business leaders as they grow their local start-ups and small- and medium-sized companies in Nova Scotia will help bring more innovative ideas to market, grow the economy and create more middle class jobs. That’s why start-up companies across the province have the chance to participate in the Spark start-up competition, which is now being expanded province-wide thanks to a $400,000 investment from the Government of Canada.
The funding was announced today by the Honourable Kirsty Duncan, Minister of Science, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). Sean Fraser, Member of Parliament for Central Nova, also took part in the event.
The goal of the competition is to support promising start-ups and encourage entrepreneurial activity in the province. The finalists will receive business guidance through a two-week acceleration boot camp. For example, finalists will receive training in how to pitch their company to investors and one-on-one coaching on their business model and financials. Winners from each of the four Spark regions will also receive up to $50,000 in funding.
The program is presented by ACOA and Innovacorp, which is also contributing a $400,000 investment in the competition. The federal funding is allocated through ACOA’s Business Development Program, which supports small and medium-sized enterprises and not-for-profit organizations that provide support to Atlantic businesses.
This project is part of the Government of Canada’s Innovation and Skills Plan, a multi-year strategy to build Canada as a world-leading innovation economy that will create jobs and grow the middle class.
Quotes
“Research, talent, imagination and determination are some of the essential ingredients required to spark innovation and economic growth. Today’s investment reflects the Government of Canada’s commitment to supporting promising entrepreneurs who are eager to bring their vision to market. I encourage aspiring business leaders to apply for the Spark Innovation Challenge as it ignites across Nova Scotia.”
- The Honourable Kirsty Duncan, Minister of Science
“In order to grow a strong and sustainable economy, we must focus on encouraging small and medium-sized businesses to innovate, pursue the commercialization of research and development, and generate value-added opportunities. The Spark competition has been successful in Cape Breton and Western Nova Scotia so it’s exciting that it will now be accessible to start-ups province-wide, including in Pictou County, Antigonish, and along the Eastern Shore.”
- Sean Fraser, Member of Parliament for Central Nova
"Our long-term economic success depends on creating a culture of innovation and collaboration. The entrepreneurs that participate in the Spark Innovation Challenge will gain valuable business skills and create jobs for other Nova Scotians."
- Brendan Maguire, MLA for Halifax Atlantic
“Our Spark competition was a hit in Cape Breton and western Nova Scotia, so it’s exciting to bring the opportunity to all areas of the province. We’re really looking forward to seeing the new ventures Spark uncovers across the province."
- Stephen Duff, President and CEO, Innovacorp
Quick Facts
-
Entrants must be a start-up, based in one of the following four competition regions:
Spark West - Lunenburg, Queens, Shelburne, Yarmouth, Digby, Annapolis, Kings and Hants counties
Spark North - Guysborough, Antigonish, Pictou, Colchester and Cumberland counties
Spark Cape Breton - Inverness, Richmond, Victoria and Cape Breton counties
Spark Halifax - Halifax County -
Competing companies must have a new knowledge-based product or service with zero sales revenue since inception.
-
Each of the competition regions will have $200,000 to distribute in awards of up to $50,000 per winning entrepreneur. Funds awarded are to be used to support the completion of prototypes or preparation for taking the product or service to market.
-
Entrepreneurs have until 5:00 p.m. on Thursday, September 21, to submit entries.
-
There have been five previous Spark competitions; four Spark Cape Breton, and one Spark West. A combined 138 submissions were received through the competitions.
Contacts
Alex Smith
Director of Communications and Outreach
Atlantic Canada Opportunities Agency
Phone: 902-426-9417 / 902-830-3839 (cell)
E-mail: alex.smith@canada.ca
Michaela Meltzer Gardner
Marketing and Communications Specialist
Innovacorp
Phone: 902-424-8670 or 800-565-7051 ext. 1197
Email: mmeltzergardner@innovcacorp.ca