Breakthru- $200,000 in Prizes Available

New Brunswick Innovation Foundation launches Breakthru, a province-wide search for next generation of entrepreneurs

June 7, 2007 Fredericton, N.B. - The New Brunswick

Fredericton, N.B. - The New Brunswick Innovation Foundation has launched Breakthru, an exciting province-wide search for the next generation of New Brunswick entrepreneurs that includes a comprehensive mentorship program and the potential to win over $200,000 in seed money and professional services.

The competition is open to New Brunswick residents 19 years of age or older who have an innovative product idea and a desire to develop it into a viable New Brunswick-based business venture. Applications may be made by individuals or by a team led by a New Brunswick resident who will also be the majority shareholder of the proposed business venture.

Proposals must fall within one of the following key strategic sectors: knowledge industry, advanced manufacturing, value-added natural resources, life sciences, energy or environmental technologies.

"Breakthru will encourage and support the development of new and innovative New Brunswick-based businesses and continue to foster a culture of innovation in New Brunswick," said New Brunswick Innovation Foundation president and CEO Barrie Black. "This is an exciting opportunity for New Brunswickers who have a great idea but need a little bit of help to get it from the drawing board to the attention of potential investors. Through Breakthru, the New Brunswick Innovation Foundation will link participants with leading experts in New Brunswick in the fields of venture capital, business plan development and entrepreneurship to give them the guidance and encouragement they need to be successful."

The competition includes a Breakthru Boot Camp, which will be held Saturday, October 13, 2007 in Fredericton. This day-long session will assist participants transform their innovative product ideas into viable business opportunities, with advice on how to make the most of market research, write a business plan and make a formal presentation to investors. Participants will then have three weeks to write and submit a comprehensive business plan. A panel of judges will select a small group of finalists to proceed to the final stage - the business pitch.

These finalists will be eligible for one of three significant prizes that will provide the critical start-up capital and support these entrepreneurs will need to launch their new business ventures. In exchange for the investment, NBIF will subscribe to common shares in each of the newly launched ventures.

Platinum Award $100,000
Gold Award $50,000
Silver Award $25,000

In addition, each of the three finalists will receive in-kind support for legal, marketing, website services and accounting services. A second set of monetary awards will be given to participants judged to have the best written business plan, the best formal presentation, the most innovative idea and the most charismatic entrepreneur.

The awards will be announced at the Breakthru gala event, to be held in Fredericton on Thursday, November 22, 2007.

"We invite all New Brunswickers with an interesting business idea to participate in Breakthru and we look forward to working with them to develop strong businesses," said Black. "The New Brunswick Innovation Foundation is a catalyst for innovation and change in the province of New Brunswick, and Breakthru is the continuation of our commitment to stimulate innovation and build a self-sufficient New Brunswick. It is about encouraging and enabling New Brunswickers to pursue their dreams within the province."

The New Brunswick Innovation Foundation is accepting applications for Breakthru from now until the close of business on Friday, September 28, 2007. To enter the Breakthru competition, candidates must fill out the Breakthru application form, include a maximum two-page executive summary of their business plan and submit a $50 entry fee.

For more information on Breakthru and to download the application form please visit the New Brunswick Innovation Foundation website at www.nbif.ca or call 1-877-554-6668.

For media inquiries please contact:
Isabelle Losier
Director of Communications
New Brunswick Innovation Foundation
Toll Free: 1-877-554-6668
Telephone: 506-452-7782

Link: http://www.nbif.ca/page/index/Breakthru