Breakthru Competition Launches

On October 21, 2012, NBIF and Cox & Palmer launched the fourth edition of the province-wide business plan competition, Breakthru. Seasoned and aspiring entrepreneurs alike will compete for over $400,000 in cash and professional services.

The prizes will help to launch three innovative businesses, with the grand prize winner receiving a $100,000 cash investment from NBIF, along with professional services from leading corporations like Cox & Palmer. The other two winners will each receive $50,000 plus services including legal, marketing, and accounting.

“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,” says NBIF Chair Robert Hatheway, “all three winners from the last competition are up and running and have gone on to raise millions of dollars. Even some who did not win a prize went on to start their businesses. For many it was the Breakthru experience that gave them the push, and that’s good for New Brunswick.”

CyberPsyc Software, a finalist in the 2011 competition, continued to refine its business plan and went on to raise $250,000 in start-up capital from NBIF and angel investors. The company develops and markets virtual reality software to treat phobias and anxieties.

“Breakthru brings people, ideas and money together, and helps to foster innovation and entrepreneurship in New Brunswick,” says Paul Robichaud, Minister of Economic Development, “the support and mentoring offered by NBIF and their corporate partners plays an important role in helping our entrepreneurs at the time when they need it most – during the start-up phase.”

To enter, applications must be received by NBIF on or before December 20th, 2012.

“All of this is just the start,” says Hatheway, “we have a few surprises to come in months ahead as we continue to build the prize pot and the overall Breakthru experience, so stay tuned.”

Winners will be announced at the Breakthru Awards Dinner to be held in Fredericton on March 20, 2013.