The New Brunswick Innovation Foundation has issued the following press release:
BREAKTHRU LAUNCHES WITH HIGHEST PRIZE POT TO DATE
New Brunswick's Startup Competition exceeds $500,000 to startup three new companies
FREDERICTON, NB—The New Brunswick Innovation Foundation (NBIF), law firm Cox & Palmer and Deloitte launched the fifth edition of Breakthru, New Brunswick’s biennial startup competition, with its highest prize pot ever. Seasoned and aspiring entrepreneurs alike will compete for over $500,000 in cash and professional services.
The prizes will help to launch three innovative businesses, with the grand prizewinner receiving up to $200,000 in cash investments from NBIF, along with professional services from the competition’s corporate partners. The other two winners will each receive up to $150,000 plus services including legal, marketing, and accounting. Breakthru is the largest competition of its kind in Canada.
“Imagine, one day you’re dreaming about being an entrepreneur and owning your own company, and the next day it’s a reality—this is what’s going to happen for three hard working Breakthru participants,” says NBIF Chair Robert Hatheway, “Starting up a new company is a risky adventure, and to take the leap into entrepreneurship, people need to know that turning their ideas into a business is a real possibility—Breakthru does exactly that.”
The purpose of Breakthru is to bring people, ideas and money together in a way that fosters innovation and entrepreneurship in New Brunswick. The professional services, support and mentoring they receive from NBIF and its prize partners will make a tremendous impact when entrepreneurs need it most – during their start-up phase. Many past Breakthru winners have gone on to raise millions of dollars for their companies.
To enter, applications must be received by NBIF on or before December 9th, 2014.
The full prize pot will be announced in November and is expected to reach beyond $600,000.
Winners will be announced at Breakthru Live 2015 at the Fredericton Convention Centre on March 19, 2015.
About NBIF:
The New Brunswick Innovation Foundation (NBIF) is an independent, not-for-profit corporation that invests in new growth-oriented companies and applied research activities. With over $50 million invested, plus $275 million leveraged from other sources, NBIF has helped to create over 50 companies and fund 350 applied research projects since its inception in 2003. All of NBIF’s investment returns go back into the Foundation to be re-invested in other new companies and research initiatives.
