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Innovacorp
Company typeCrown corporation
Founded1995; 29 years ago (1995)
Headquarters
Halifax, Nova Scotia
,
Canada
Area served
Nova Scotia
Key people
Malcolm Fraser, president and CEO
Websiteinnovacorp.ca

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.

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

Innovacorp, established by a provincial statute, superseded the Nova Scotia Research Foundation Corporation, which was established in 1946 as the Research Foundation of Nova Scotia.[5]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

Innovacorp 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]

References

  1. ^ "Innovation Corporation Act". Nslegislature.ca. Retrieved 2016-06-25.
  2. ^ "Innovacorp Wins International Award | Innovacorp". innovacorp.ca. Archived from the original on 22 May 2010. Retrieved 17 January 2022.
  3. ^ "2009 I-3 Technology Start-Up Competition | InNOVAcorp". innovacorp.ca. Archived from the original on 15 September 2009. Retrieved 17 January 2022.
  4. ^ a b "I-3 Technology Start-Up Competition Winner Announced". Novascotia.ca. Retrieved 2016-06-25.
  5. ^ "Nova Scotia Innovation Corporation". Nova Scotia Archives. 20 April 2020. Retrieved 27 October 2021.
  6. ^ "Our Clients | Innovacorp". Innovacorp.ca. Archived from the original on 2012-04-05. Retrieved 2016-06-25.
  7. ^ "Marketing Automation Software - SMS, Fax, Voice, Email". Simplycast.com. Retrieved 2016-06-25.
  8. ^ "I-3 Technology Start-Up Competition Provincial Winner Announced | Innovacorp". Innovacorp.ca. 2016-02-03. Retrieved 2016-06-25.
  9. ^ "TitanFile Secures $250K in Financing | Innovacorp". Innovacorp.ca. 2011-08-30. Retrieved 2016-06-25.
  10. ^ Parsons, Katy (27 April 2015). "Innovacorp investing $2M in laser beam deflection company". CBC News.
  11. ^ "Innovacorp Sees 35 Times Return on Investment in Nova Scotia Start-up". Province of Nova Scotia. Innovacorp. 17 September 2021.
  12. ^ Withers, Paul (21 September 2021). "N.S. Crown corporation made over $100M off region's first startup 'unicorn'". CBC News.
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