Innovacorp is a Nova Scotia crown corporation managing an early-stage venture capital fund. The organization was established under Nova Scotia's Innovation Corporation Act, 1994–95, c. 5, s. 1.[1] Its goal is to help early stage Nova Scotia companies commercialize their technologies for export markets. Key industries include information technology, life sciences, clean technology, advanced manufacturing and aerospace.
 | |
| Company type | Crown corporation |
|---|---|
| Founded | 1995 |
| Headquarters | , Canada |
Area served | Nova Scotia |
Key people | Malcolm Fraser, president and CEO |
| Website | innovacorp |
In May 2010, the organization's High Performance Incubation (HPi) earned an international award for its work from the National Business Incubation Association.[2]
Innovacorp established a yearly technology start-up competition (I3)[3] with $100,000 dollar winning prize. Notable winners include Tether[4] and Xona Games.[4]
History
editInnovacorp, established by a provincial statute, superseded the Nova Scotia Research Foundation Corporation, which was established in 1946 as the Research Foundation of Nova Scotia.[5]
Investments
editInnovacorp investments include [6] companies such as SimplyCast,[7] CarbonCure, GoInstant, SabrTech, Equals6, AioTV, LiveLenz, TruLeaf, DeNovaMed, Airline Employee Travel Inc (GoBumpFree),[8] Proposify and TitanFile.[9]
Beginning in 2015, Innovacorp invested around C$3 million in Meta Materials Inc., a Dartmouth-based developer of "high-performance functional materials and nanocomposites" that was founded in 2013. In 2021, shortly after Meta Materials was listed on the Nasdaq stock exchange, Innovacorp sold its shares, resulting in a $104-million return on investment.[10][11][12]
See also
editReferences
edit- ^ "Innovation Corporation Act". Nslegislature.ca. Retrieved 2016-06-25.
- ^ "Innovacorp Wins International Award | Innovacorp". innovacorp.ca. Archived from the original on 22 May 2010. Retrieved 17 January 2022.
- ^ "2009 I-3 Technology Start-Up Competition | InNOVAcorp". innovacorp.ca. Archived from the original on 15 September 2009. Retrieved 17 January 2022.
- ^ a b "I-3 Technology Start-Up Competition Winner Announced". Novascotia.ca. Retrieved 2016-06-25.
- ^ "Nova Scotia Innovation Corporation". Nova Scotia Archives. 20 April 2020. Retrieved 27 October 2021.
- ^ "Our Clients | Innovacorp". Innovacorp.ca. Archived from the original on 2012-04-05. Retrieved 2016-06-25.
- ^ "Marketing Automation Software - SMS, Fax, Voice, Email". Simplycast.com. Retrieved 2016-06-25.
- ^ "I-3 Technology Start-Up Competition Provincial Winner Announced | Innovacorp". Innovacorp.ca. 2016-02-03. Retrieved 2016-06-25.
- ^ "TitanFile Secures $250K in Financing | Innovacorp". Innovacorp.ca. 2011-08-30. Retrieved 2016-06-25.
- ^ Parsons, Katy (27 April 2015). "Innovacorp investing $2M in laser beam deflection company". CBC News.
- ^ "Innovacorp Sees 35 Times Return on Investment in Nova Scotia Start-up". Province of Nova Scotia. Innovacorp. 17 September 2021.
- ^ Withers, Paul (21 September 2021). "N.S. Crown corporation made over $100M off region's first startup 'unicorn'". CBC News.