- December 11, 2014
- Breakthru
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Breakthru Receives Record Applications and Prizes
After a two-month call-to-action campaign for its fifth biennial Breakthru Startup Competition, the New Brunswick Innovation Foundation (NBIF) today announced record participation by both competitors and corporate partners. With prizes reaching $750,000 NBIF received applications from 62 teams representing 108 entrepreneurs from all over New Brunswick.
“This is the highest number of Breakthru entries we've received to date, telling us that innovation-based entrepreneurship is something New Brunswickers want to use to create a better future for themselves and their communities,” says NBIF Chair Robert Hatheway, “the success of Breakthru and its growth year-over-year tells me that, as a means for economic growth in the province, innovation and entrepreneurship is building itself on solid ground.”
Co-presented by Cox & Palmer and Deloitte, NBIF’s corporate partners contributed a total of $323,000 in support of what is now the largest startup competition of its kind in Canada. Of that support, $234,000 was contributed in the form of prizes with the remainder reserved for the administration, production and promotion of the competition.
“The $500,000 in venture capital that NBIF provides is only one part of what a startup company needs to launch and succeed, and we depend on the generosity of our prize partners to help us create what I like to call a ‘company-in-a-box solution’ that includes legal, accounting, IT, coaching, design and insurance services, to name a few,” says NBIF President and CEO Calvin Milbury, “when you add the financial and in-kind support we receive to help run the competition, not to mention the extensive social sharing by people and organizations all over the province, its clear that Breakthru has become a catalyst for growth on a number of levels.”
Now that the teams have submitted their applications, each will attend the Breakthru Boot Camp on January 17th, 2015. They will then have two weeks to submit a fully developed business plan. Five finalists will be chosen and three will win at Breakthru LIVE 2015 on March 19th, 2015 at the Fredericton Convention Centre.
2015 Prizes:
| Description & Provider | GRAND | SECOND | THIRD |
|---|---|---|---|
| Cash investment by NBIF Breakthru | $100,000 | $50,000 | $50,000 |
| Cash investment by NBIF Startup Investment Fund* | $100,000 | $100,000 | $100,000 |
| Cash incentives by NB Growth Program** (up to) | 45,000 | 45,000 | 45,000 |
| Legal services from Cox & Palmer | 5,000 | 5,000 | 5,000 |
| Financial advisory services from Deloitte | 5,000 | 5,000 | 5,000 |
| IT Services from Blue Spurs | 5,000 | 5,000 | 5,000 |
| Executive coaching services from Vision Coaching | 5,000 | 5,000 | 5,000 |
| Branding and digital design services from Orange Sprocket | 15,000 | ||
| Web and video production from Outreach Productions | 5,000 | ||
| Branding and design services from Ginger Design | 5,000 | 5,000 | |
| Company launch event at a Cineplex | 2,250 | 2,250 | 2,250 |
| More to be announced | |||
| TOTAL | $287,250 | $222,250 | $222,250 |
* Note that investments in the Breakthru winners will be completed in two parts and timed based on reaching specific milestones.
** The Department of Economic Development will provide NB Growth Cash incentives of up to $45,000 per Breakthru winner, subject to NB Growth program eligibility requirements.
2015 Corporate Partners:
Cox & Palmer
Deloitte
Acadie Nouvelle
Assurance Goguen
Atlantic Business Magazine
Blue Spurs
Brunswick News
CBC | Radio-Canada
Financial and Consumer Services Commission
Ginger Design
OrangeSprocket
Outreach Productions
Province of New Brunswick
Signature Sound
Vision Coaching
