There are just over two weeks left for Nova Scotian startups to enter the biennial I-3 Technology Startup Competition and have a shot at as much as $225,000 in development funding.

If that sounds like enough time to put it off, consider this: there are only 10 days left to get in your preliminary submission and get feedback from the organizers.

Innovacorp, the Nova Scotia innovation agency, holds the competition every second year with the goal of encouraging aspiring entrepreneurs to develop their ideas into businesses as they go through the contest. The process includes feedback from Innovacorp and a range of judges, various mentoring events and a challenging program to separate the wheat from the chaff.

Final submissions are due by 5 pm on Oct. 15. In an effort to ensure the highest quality of submission possible, Innovacorp is letting entrants submit a premilinary application a week early. The organizers will then respond and let the entrepreneurs know the parts of their submission that need to be strengthened.

The preliminary submissions must be in by Friday, Oct. 9.

I-3 is designed so that as many as 16 companies could receive prizes of cash and in-kind services that can be used to develop their company.

It divides the province into five zones, and Innovacorp will award a $100,000 first prize and $40,000 second prize for each zone. The five winners from these zones are all eligible for grand prize, which is an additional $100,000.

The competition also six sector-based prizes, awarding $25,000 sums to the leading entrants in information technology, life sciences, cleantech, ocean industries, agricultural technology and waste diversion technology.

Any one company can win as much as $225,000 and the total prize pot is worth $950,00.

The I-3 winners will be announced at a reception in Halifax on Feb. 3. Details on the competition are available at Innovacorp website.

Disclaimer: Innovacorp is a client of Entrevestor.