Breakthru Startup Competition prizes pass $500,000

Photo: 2009 grand prizewinning team Chem Green, which started as a student-faculty team project headed by Sally Ng and NBIF-backed research Khashayar Ghandi at Mount Allison University is now entering a new phase of growth for 2015.

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.