Atlantic Canadian Companies Shine At Ocean Idea Challenge
HALIFAX—Three early-stage companies with Atlantic Canadian roots are among the four winners of the first-ever Ocean Idea Challenge.
PhyCo, a company split between British Columbia and Prince Edward Island, took home one top prize of $10,000. B.C.-based OnDeck Fisheries AI won the other.
PhyCo’s $10,000 will help the company continue developing biodegradable and non-toxic bioplastic from seaweed that’s grown in partnership with Indigenous nations.
Newfoundland-based Seathru Technologies and Nova Scotia-based Sustainable Sea Products also won $2,500 each.
Seathru’s prize will help it develop a remote, real-time monitoring system to improve maintenance of marine vessel equipment. Dartmouth-based Sustainable Sea Products will use its cash to continue work on a sustainable, multi-species hatchery that will supply seed products for the aquaculture industry.
The prizes were handed out following a four-week customer discovery process that helped each business prove there was market interest for their sustainable ocean ideas. During the competition, participants went through skills training and conducted at least 25 customer discovery interviews to better understand their potential customers’ needs and pain points.
The challenge was hosted by the Ocean Startup Project, a Halifax-based organization dedicated to growing ocean technology companies and attracting more ventures to Canada’s ocean startup ecosystem.
Over the last two-and-a-half years, the project has funded more than 80 companies that have collectively raised more than $8.5 million and created more than 100 jobs across the country.
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After running two Ocean Startup Challenges, the Ocean Idea Challenge was created to fill a gap in the ecosystem by connecting aspiring entrepreneurs with potential co-founders and team members, as well as helping them with training.
“The high-calibre ocean ideas and founder talent this competition drew out from across the country really illustrates the momentum in Canada’s ocean startup ecosystem,” said Don Grant, the Ocean Startup Project’s executive director. “In just over two years, we’ve seen significant growth in early-stage ocean startups across this country and we are so impressed by the cutting-edge technologies being developed.”
More information on the Ocean Idea Challenge is available here.