Crown corporations Nova Scotia Business Inc. and Innovacorp are being amalgamated into a single agency called Invest Nova Scotia, as Tim Houston’s Progressive Conservative government looks to streamline operations, the province announced Tuesday.

Both legacy organizations offer programs that support startups. NSBI is the provincial economic development agency, whose services include the Export Development Program and the Scale-Up Hubs in Atlanta and Cambridge, Mass. Innovacorp is a venture capital fund with a portfolio heavy on deep tech investments, and also provides incubation space and non-dilutive funding for early-stage startups.

The province has named Tom Hickey, CEO of paving company Atlantic Road Construction as Invest Nova Scotia’s executive chair — a newly created role that will replace the boards and CEOs of both Innovacorp and NSBI during the transition. An advisory board will also be created, although its membership has not been announced.

A native of Cape Breton, Hickey is a long-time investor and has backed such Halifax-area companies as Bright (formerly Cribcut). He is an investor in the 7th Wave Investment Fund. 

Read more at Entrevestor