The New Brunswick Innovation Foundation announced yesterday that the total prize value of its Breakthru competition – which assesses the business plans of embryonic companies -- has risen to a total of as much as $406,000, making it the largest competition of its kind in Canada.
The NBIF and the law firm Cox & Palmer are staging the fourth bi-annual Breakthru competition, which assesses viable business ideas and teams’ ability to plot out their development and then execute on the plans. No business is too early for the competition, the entries for which close on Dec. 20.
The foundation said in a statement that New Brunswick Growth has pitched in up to $120,000 in prize money, which will be added to $200,000 in cash investment from NBIF. Various sponsors have also committed in-kind services worth a total of $86,000 for the top three finalists.
The following is a breakdown of the prizes:
|
Organization |
Description |
Grand Prize |
Second Prize |
Third Prize |
|
NBIF |
Cash Investments |
$100,000 |
$50,000 |
$50,000 |
|
NB Growth |
Cash Incentives |
Up to $60,000 |
Up to $60,000 |
|
|
Cox & Palmer |
Legal services |
$5,000 |
$5,000 |
$5,000 |
|
Deloitte Financial |
Advisory services |
$12,000 |
$12,000 |
$12,000 |
|
Orange Sprocket |
Branding services |
$10,000 |
|
|
|
Ginger Design |
Branding services |
|
$5,000 |
$5,000 |
|
Outreach Productions |
Multimedia services |
|
$5,000 |
$5,000 |
|
Bereskin & Parr |
IP law |
$5,000 |
|
|
|
TOTAL |
|
$192,000 |
$137,000 |
$77,000 |
