Innovacorp is a

Nova Scotia Nova Scotia ( ; ; ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. Nova Scotia is Latin for "New Scotland". Most of the population are native Eng ...

crown corporation A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the governmen ...

managing an early-stage venture capital fund. The organization was established under Nova Scotia’s Innovation Corporation Act, 1994–95, c. 5, s. 1. Its goal is to help early stage Nova Scotia companies commercialize their technologies for

export An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an ...

markets. Key industries include

information technology Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (I ...

life sciences This list of life sciences comprises the branches of science that involve the scientific study of life – such as microorganisms, plants, and animals including human beings. This science is one of the two major branches of natural science, the ...

clean technology Clean technology, in short cleantech, is any process, product, or service that reduces negative environmental impacts through significant energy efficiency improvements, the sustainable use of resources, or environmental protection activities. Cle ...

, advanced

manufacturing Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a r ...

and

aerospace Aerospace is a term used to collectively refer to the atmosphere and outer space. Aerospace activity is very diverse, with a multitude of commercial, industrial and military applications. Aerospace engineering consists of aeronautics and astrona ...

. In May 2010, the organization’s High Performance Incubation (HPi) earned an international award for its work from the National Business Incubation Association. Innovacorp established a yearly technology start-up competition (I3) with $100,000 dollar winning prize. Notable winners include Tether and

Xona Games Xona Games is an Independent video game developer, independent Canadian video game developer founded in 2008 and headquartered in Yarmouth, Nova Scotia, Yarmouth, Nova Scotia, Canada. Games The company makes shoot 'em up games, targeting primaril ...

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.

Investments

Innovacorp investments include companies such as SimplyCast, CarbonCure, GoInstant, SabrTech, Equals6, AioTV, LiveLenz, TruLeaf, DeNovaMed, Airline Employee Travel Inc (GoBumpFree), Proposify and TitanFile. 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 The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

stock exchange, Innovacorp sold its shares, resulting in a $104-million return on investment.

References

External links

* {{official website, https://innovacorp.ca/ 1995 establishments in Nova Scotia Crown corporations of Nova Scotia Organizations established in 1994 Companies based in Halifax, Nova Scotia