INVEST NOVA SCOTIA
Invest Nova Scotia is a new model of government funding focused on making sector-wide and regional impact investments. The organization operates through collaborative partnerships to bring long-term benefits to the entire province, following established regulations and decision-making processes."
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Presentation Transcript
INVEST NOVA SCOTIA A NEW A NEW MODEL OF MODEL OF GOVERNMENT GOVERNMENT FUNDING FUNDING Making meaningful investments through collaborative partnerships that have sector-wide, and regional impact bringing long-term benefits to the entire province
Invest Nova Scotia Board Act & Invest Nova Scotia Regulations Passed in 2014 Establishes the Invest Nova Scotia Board and Invest Nova Scotia Fund Independent, decision making board (max 9- member board) Board members may serve a maximum of two, 4-year terms Deputy Minister of DoB is a non-voting member (not included in 9) Regulations prescribe funding criteria and application process Legislation
Invest Nova Scotia Board Act & Invest Nova Scotia Regulations Section 4 of the Regulations, prescribes that the Fund may only support organizations in which the profits, if any, of the organization are used for the benefit of the public and not for private shareholders. INS broad-based community and economic impacts for a sector and regions to achieve incremental competitiveness and productivity through innovative and collaborative projects INS Board does not have staff. DoB Staff provide administrative support and administrative expenses are charged to DoB Legislation (continued)
Shakara Joseph Chief Operating Officer, Junior Achievement Adrian White Principal, NNF Inc., Business Consultants Sarah Amirault Graham Eisenhauer West Nova Fuels Limited President, Fairway Insurance Services Inc. Board of Directors Charlotte Murray Tareq Hadhad Entrepreneur In Residence, Propel ICT Co-Founder of Peace by Chocolate Jolene MacEachern Manager, Agriculture/Aquaculture Industry Liaison & Innovation, Dalhousie University Eleanor Beaton Executive Coach George Karaphillis Bernie Miller, Ex-Officio DM, Department of Business Dean, Shannon School of Business, Cape Breton University
Decision Criteria PRODUCTIVITY AND COMPETITIVENESS COLLABORATIVE PARTNERSHIPS SECTOR-WIDE IMPACT MEASUREMENT PLAN SUSTAINABILITY OF OPPORTUNITY LEADERSHIP AND STEWARDSHIP MEANINGFUL INVESTMENTS
Guiding Principles Guiding Principles Cooperation and collaboration Improving Nova Scotia s competitiveness in the global economy Innovative programming that demonstrate cooperation and collaboration Strength from a Diverse Economy Building on the strengths of Nova Scotia s diverse economy. Seeking opportunities that add value. Independent Body focused on the Long-Game Independent investment decision making focused on long term impacts. Measurement and Accountability Clear, open, effective economic development incentives. Communicating Success Communicating decision results openly. Decision making criteria and application process are transparent.
Who can apply? Not-For-Profit Sector Organizations Academic Institutions Social Enterprise Industry Association Municipalities
PROJECTS WEVE FUNDED SO FAR
Example: Example: The Lighthouse The Lighthouse Formerly, The Link Performing Arts Centre Formerly, The Link Performing Arts Centre Team Up Applications should involve more than one organization Nova Scotia Department of Communities Culture and Heritage Applications can have for- profit business partners Common Good Solutions Department of Canadian heritage The funding cannot be run through the for-profit business The Link
2019/2020 Invest NS Roadmap Board approve or decline Phase 2: Q&A with Board Invest NS aware Phase 1 Assessment Board approve or decline Visit website Organization writes and submit application Contact DoB: Jessi Gillis
Approved Funding Initiatives Salaries Travel Promotion Brick and mortar Consultation costs Leasehold improvements Equipment Training Project overhead costs *Invest NS does not invest in core funding*
Repayable or Provisionally Repayable Loans Grants Guarantees Equity Investments are EXCLUDED Type of Funding
Budget Min Investment through board approval: $250,000 (negotiable) Over $3 Million must also be approved by Treasury Board The Board may enter into multi-year commitments Max investment through board approval: $3 Million
jessi.gillis@novascotia.ca jessi.gillis@novascotia.ca
