Halifax, Nova Scotia, September 13, 2007 – InNOVAcorp today officially launched its province-wide I-3 Technology Start-Up Competition with the goal of creating a number of new Nova Scotia-based companies. I-3 is an exciting opportunity for Nova Scotia entrepreneurs with high potential business start-ups.

“A sustainable, strong and vibrant economy in Nova Scotia requires continuous innovation and the creation of new start-up companies,” said Premier Rodney MacDonald. “This competition is an exciting opportunity for people in communities across the province with innovative business ideas.”

The competition will take place simultaneously in five geographic zones across the province.

Each first place zone winner will receive a $100,000 prize package of a combination of cash and in-kind contributions and each second place zone winner will receive a $40,000 prize package of a combination of cash and in-kind contributions to be used towards the establishment or further development of their start-up ventures. Prize packages will include support and resources in the form of expertise (i.e. legal, accounting, marketing, human resource services), funding and seed investment to be used by winners to develop their start-up businesses.

At the end of the competition, one provincial winner will be selected from among the five first place zone winners, and will be awarded a $100,000 seed investment from

InNOVAcorp’s HPiTM Microfund.

“After the success of the pilot I-3 competition in Cape Breton in 2006, we recognized the opportunity to take the competition province-wide,” said Dan MacDonald, president and CEO of InNOVAcorp. “I-3 is not your typical business plan competition - our goal is to fuel the creation of new Nova Scotia knowledge-based companies for the long term.”

“This competition will help drive innovation in Nova Scotia and spur the growth of high potential start-ups,” said Richard Hurlburt, Minister of Economic Development. “If you’re an early stage company with a product or service that can be commercialized, we’re looking for you.”

Zone 1 includes Cumberland, Colchester, Pictou, Antigonish and Guysborough counties;

Zone 2 includes Lunenburg, Queens, Shelburne and Yarmouth counties; Zone 3 includes

Digby, Annapolis, Kings and Hants counties; Zone 4 includes Halifax Regional

Municipality; and Zone 5 includes Victoria, Cape Breton, Inverness and Richmond counties.

I-3 stands for “Idea, Innovation, Implementation,” the early steps in the commercialization process. The purpose of the competition is to foster and support the entrepreneurial spirit in the business community across Nova Scotia and to encourage the formation of new technology start-up companies.

A six-person judging committee in each geographic zone will include representatives with relevant start-up business expertise from the public and private sectors. The quality of the business idea, the strength of the management team, and the clarity and persuasiveness of the written plan and oral presentation will form the basis for the judges’ selection of zone winners and an overall provincial winner.

Entrepreneurs have until 5 pm on Tuesday, October 9, 2007 to submit round one entries.

The competition has three rounds. Finalists will get professional assistance to polish their plans during the competition's third and final round. The five zone winners will be announced on December 20, and the provincial winner will be announced on February 12. Submissions can be completed online at www.innovacorp.ca.

InNOVAcorp helps early stage Nova Scotia companies commercialize their technologies and succeed in the global marketplace. InNOVAcorp’s High Performance Incubation

(HPi)™ business model, which is recognized internationally as a “best practice” technology commercialization approach, incorporates incubation infrastructure, business mentoring, and seed and venture capital investment. Every day, InNOVAcorp staff engages high potential early stage companies to provide hands-on business guidance, customized to address specific business challenges. InNOVAcorp focuses on companies with innovative proprietary technology and/or service offerings.

For more information contact:

Jennifer Batten
Marketing & Communications
InNOVAcorp
902.424.8670 ext. 1197
902.225.7284 (cell)
jbatten@innovacorp.ca

Shelley Hessian
I-3 Project Manager
InNOVAcorp
902.424.8670 ext. 1123
902.220.2031 (cell)
shessian@innovacorp.ca