NBIF BreakThru Competition Focusing On Fintech This Year
FREDERICTON – The New Brunswick Innovation Foundation’s (NBIF) bi-annual BreakThru competition is going online this year. It will also be the first startup competition focusing exclusively on fintech held in Atlantic Canada.
In the past, NBIF has held a large bi-annual gala to promote business in the Maritimes. For the first time this year, they will be taking the competition virtual. This year, they’re partnering with Venn Innovation’s Atlantic Fintech to look for emerging financial technology businesses in the province.
“We focus on fintech because of the unique partnership that we have in place and the strength and expertise of those from Venn,” said Daniel Hoyles, NBIF’s investment associate.
Entrepreneurs will compete to win the first prize of $25,000 in the form of a SAFE agreement investment and six-months of expert support from Venn Innovation.
“It’s going to provide that early-stage mentoring as they’re fostering their ideas,” said Hoyles.
Starting so early gives the chance for a full circle partnership through the commercialization process. To help all participants, Breakthru offers a Fintech Preparation Bootcamp that advises on everything from financial modelling to customer validation.
“It also helps entrepreneurs discover more about the sector, create more awareness about the opportunities in fintech for the region,” said Alicia Ismach, entrepreneur in residence at Venn.
“It also gives visibility of the existence of startups in fintech in the region.”
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Both organizations see the competition as an opportunity to strengthen strong partnerships with local hubs. In addition to the community they are helping create, NBIF and Venn will also benefit from hearing pitches from new entrepreneurs.
“There is a great opportunity for us to see a great breadth of ideas,” said Hoyles.
The new format will have entrepreneurs pitch online while the fintech judges watch from their computers.
Though Covid-19 necessitated the change, Breakthru was happy to make the switch online. They’ve found few challenges while navigating new waters.
“I think having the virtual event will provide us with the opportunity to reach out to more people,” said Hoyles. “We are no longer limited to the confines of a private room.”
Although it’s a smaller set of entrepreneurs, the opportunity for an audience is much larger. The change also means a more one-on-one mentorship style.
Participants who are new to writing a business plan or pitching will have the chance to practice in a real-world scenario. Even if they don’t win the competition, they come out more prepared than they were before.
“It has a huge value for the community and for the organizations around us, but it has also a value for the ones participating that are beyond the prize themselves,” said Ismach.
The competition wants to connect new entrepreneurs with others who are in the same boat. A lot of entrepreneurs are unaware they are even part of the fintech sector and that there are other companies close by.
“The disconnect leads them to learn everything on their own,” said Ismach. “There is a longer learning curve and longer time to connect to the right people or corporations around the world.”
Relationships built at Breakthru will help to foster an interconnected community of fintech in the Maritimes.
“We are really aiming at connecting the fintech entrepreneurs in all the stages and make them part of that community so they can take advantage of the possibilities of knowing entrepreneurs in the same sector,” said Ismach.
This is the first time a fintech competition is being held in Atlantic Canada, but Ismach is sure it will not be the last.
“It’s all part of the same ecosystem that is nurturing each other,” said Ismach.
The Breakthru Virtual Finale, where selected participants will pitch and answer questions from the judges, will take place on March 15th.
“We are looking to see what great ideas these applicants have,” said Hoyles. “How we can help them build their businesses