Breakthru – Fintech, the New Brunswick Innovation Foundation’s (NBIF) start-up competition in partnership with Venn Innovation’s Atlantic Fintech (Atlantic Fintech), encourages the creation and development of entrepreneurial, innovative business ventures in the Financial Technology Sector in the province of New Brunswick (N.B.). This province-wide competition provides participants with a unique opportunity to access start-up capital, mentoring, and support.
Entrepreneurial New Brunswickers who are interested in pursuing the development of a new and innovative Financial Technology venture in N.B. are encouraged to enter the competition. Participants will compete for the chance to win $25,000 in the form of a SAFE investment from NBIF, and expert support from Atlantic Fintech, to help launch and grow their start-up. The competition unites members from all areas of the community, including business, academic and government sectors, with the common goal of enhancing entrepreneurship and seeding new and innovative Fintech ventures.
Breakthru – Fintech is designed to accomplish the following primary objectives:
- Encourage and support the creation and development of new and innovative Financial Technology ventures
- Prepare and mentor participants and their companies for investment and growth
- Create awareness of entrepreneurship and enhance the entrepreneurial ecosystem; and,
- Foster a culture of innovation in New Brunswick.
The competition is open to entrepreneurial New Brunswickers who are committed to launching and operating a new and innovative Financial Technology venture in the province.
To be eligible, submissions must demonstrate the following:
- A significant and growing global market;
- An identified target in the market with a clear gap, pain or need;
- Technological and commercial feasibility of the proposed business venture;
- Degree of innovation inherent to the proposed business venture;
- Ability to generate a sustained competitive advantage;
- Talented team with relevant background; and,
- The potential for economic impact on the province of New Brunswick.
An individual or team may enter the competition by proposing a new and innovative business venture. Individuals are only permitted to participate in one submission. To be eligible, all individuals involved in the submission must be:
- At least the age of majority (i.e., 19 years of age and up);
- A resident of the province of New Brunswick or be part of a team of which at least one actively participating member is a resident of New Brunswick and who holds, or will hold, at least 51% of share ownership of the proposed business venture;
- Entitled to establish a business and work within the province of New Brunswick; and,
- Willing and able to commit to developing and operating a business venture in New Brunswick.
Proposed Business Venture Requirements
Proposed business ventures must, at a minimum, meet the following criteria:
- Be in the early pre-seed stage of development;
- Have no substantial prior operating history;
- Propose to maintain a head office and an operational base in New Brunswick;
- Be engaged in the development of innovative financial technology products or services; and,
- Be prepared to protect relevant intellectual property, if applicable.
The prizes provide successful participant(s) with the critical start-up capital and/or support that they require to launch their new business venture.
– One $25,000 SAFE investment by NBIF, subject to the proper due diligence
– For the first and second place winners, Expert Support provided by Atlantic Fintech for a period of 6 months.