Breakthru $1 million startup competition now Canada's largest, launches national prize

FREDERICTON, NB, Sept. 14, 2016 /CNW/ - The New Brunswick Innovation Foundation (NBIF), law firm Cox & Palmer and Deloitte today launched the sixth edition of its Breakthru Startup Competition with its highest prize pot ever. Seasoned and aspiring entrepreneurs will compete for $1,000,000 in cash and professional services. Breakthru is the largest startup competition of its kind in Canada.

Until this year, the competition was open to residents of New Brunswick only. This time, NBIF has created a national category, whose participants will compete for $200,000 in venture capital plus over $50,000 in professional services to get off the ground. The other $750,000 in prizes are open to New Brunswick residents only.

"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 Cathy Simpson, "Starting 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. 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 November 15, 2016. Winners will be announced at Breakthru LIVE 2017 at the Fredericton Convention Centre on March 23, 2017.

Terms and conditions apply. Not open to residents of Québec.

About NBIF:

The New Brunswick Innovation Foundation (NBIF) is a private, not-for-profit corporation that invests in new growth-oriented companies and applied research activities. With over $70 million invested, plus $380 million leveraged from other sources, NBIF has 41 companies in its active portfolio. All of NBIF's investment returns go back into the Foundation to be re-invested in other new companies and research initiatives.

SOURCE New Brunswick Innovation Foundation

Video with caption: "Video: Breakthru, NBIF Venture Capital & Research's $1 million startup competition calls on budding entrepreneurs from across Canada to enter.". Video available at: https://youtu.be/xaxZRUrtgxo

Image with caption: "NBIF Venture Capital & Research Chairwoman Cathy Simpson announces their $1 million Breakthru Startup Competition, Canada's largest. (CNW Group/New Brunswick Innovation Foundation)". Image available at: http://photos.newswire.ca/images/download/20160914_C5001_PHOTO_EN_772743.jpg

For further information: Media contacts: Chet Wesley, Director, Marketing & Communications, NBIF, www.nbif.ca, 877-554-6668, [email protected]