Entrants from around the world are being sought for a Nova Scotia competition designed to find solutions to ocean industry problems and offer about $200,000 in prize money.

The Blue Solutions Start-Up Challenge has been established by Innovacorp and the Atlantic Canada Opportunities Agency to provide cash and business guidance to winning entrepreneurs.

The contest is designed to build on the increasing ocean technology development across the region and to ignite the startup community in Nova Scotia, the partners said in a release.

Entrants must have a new knowledge-based product or service with annual sales revenue of less than $1 million.

Companies from around the world may apply, but winners must register as a business in Nova Scotia. Entrants must be the majority owner(s) of the venture and plan to work full-time with the business in Nova Scotia.

A judging committee of representatives from the private and public sectors will determine who receives financial support in Round 1, and who receives additional support at the end of Round 2.

As many as 10 Round 1 winners will receive grants of as much as $10,000 and guidance from seasoned business people. Up to 10 awards are anticipated for this round. Round 2 finalists will pitch their prototypes and business concepts to the judging committee, vying for up to $50,000 each. At least two awards are anticipated for this round.

Submissions will be evaluated on the quality of the product or service, industry knowledge and management experience, barriers to competitive entry, market size and credibility of plans to reach key milestones.

The deadline for submissions is this Thursday, Oct. 12 at 5 pm AST.

Submissions must be made online.

Disclosure: Innovacorp and ACOA are clients of Entrevestor.