InNOVAcorp wants to make your ideas grow

Staff ~ The Record
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By Christopher Gooding
The Record
SPRINGHILL - Innovators biding their time for the right moment to announce they have a solution to a long-term problem might want to call on the province rather than wait one more day.
Dan MacDonald, president and CEO of InNOVAcorp, an arm of the Dept. of Economic Development, was in Springhill meeting with inventors and representatives of area-banks to let all now the province is looking for innovators who will foster Nova Scotia's image as an exporter of knowledge-based sollutions.
"Our sweet-spot company sounds like this: you have a guy or gal who's been in the business for 10 - 15 years, they know the business, they recognize a problem and have a solution and are ready to break out," MacDonald said during an informal luncheon Fri, Apr. 3, at the Dr. Carson and Marion Murray Community Centre.
Assisting companies with such innovations amounted to $225 million in sales employing 1,500 people across the province, MacDonald said.
InNOVAcorp can groom, mentor and even provide offices for a business based around innovation, MacDonald said, as well as seek out venture capital to put some weight behind the business. Over the past eight years InNOVA corp has raised $100 million for its clients.
A common scenerio many banks face, MacDonald says, is a client of 20 years asking for a hefty loan to help them quit their job and startup a business based on an idea only they understand. Without any guarantees, it puts the banks n the position of turning down long-term client.
That's where InNOVAcorp can ease the burden, MacDonald says.
"Early-stage, knowledge based companies are what we're about," MacDonald said. "You really won't know who we are until you give us a call."
Like Nova Scotia Business Inc, InNOVAcorp is a Crown organization, responsible to the Dept. of Economic and Rural Development. They can be found online at innovacorp.ca.

Organizations: Nova Scotia Business, Crown organization

Geographic location: SPRINGHILL, Nova Scotia

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