HALIFAX, Nova Scotia, September 29, 2011 /PRNewswire/ --

The search is on for the world's best clean technology start-ups, and the goal is to bring them to Nova Scotia.

The province, through Innovacorp, launched the Nova Scotia CleanTech Open this week. The international competition is designed to find and fund high-potential, early-stage clean technology companies. It will also put a spotlight on Nova Scotia as an ideal location for these companies to grow.

"Clean technology is one of the world's fastest growing industries. Knowledge-based companies like those in the clean technology sectors create good jobs and are vital to Nova Scotia's future prosperity," said Percy Paris, Minister of Economic and Rural Development and Tourism. "This competition supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."

The winner receives $100,000 in cash, a $200,000 negotiable seed investment, mentoring, and in-kind business building services, including one-year free rent of turn-key space at the Innovacorp Enterprise Centre in Halifax. At the time the prize is awarded, the company is to be incorporated in Nova Scotia, with the intent to build the business here.

"Nova Scotia has a lot to offer emerging clean technology ventures, from clean energy resources to a supportive business and policy environment," said Clifford Gross, president and CEO of Innovacorp. "Now we're adding venture capital coupled with business support services to help accelerate growth and market success for these companies."

Entrepreneurs have until 5 p.m. on Thursday, Dec. 1, to submit their entries. The judging panel will select a short list that will be invited to move on to round two of the competition. The short list will be announced on Dec. 15. The winner will be announced in April 2012.

Submissions can be made online at http://www.novascotiacleantech.com.

Innovacorp, Nova Scotia's technology commercialization agency, manages a venture capital fund that invests in early stage, high-growth companies. Target industries include clean technology, information technology, and life sciences. Seed and venture capital investment is a critical part of Innovacorp's business model, which has earned international recognition as a best practice approach to accelerating the growth of technology companies.

For further information:
Stephanie Shaw
Innovacorp
T +1-902-424-8670 ext. 1160
M +1902-220-3686
sshaw@innovacorp.ca
http://www.innovacorp.ca

SOURCE Innovacorp