TORONTO, Feb. 27 /CNW/ - It's not enough to have an idea - it must be unique, have a viable target market and be worthy of funding. And therein lies the challenge. Canadians are a creative bunch, but often we have trouble turning ideas into something that will attract the necessary capital. That's why Canadian Business is once again teaming up with innovation consulting firm Nytric Ltd. of Mississauga, Ont., to try to get one idea off the drawing board-or cocktail napkin-and into production.The third annual Great Canadian Innovation Competition offers the winning entrepreneur: - Up to $50,000 in engineering services toward developing a prototype of the idea and a free feasibility study (valued at $20,000) from Nytric. - Intellectual property legal services valued at $10,000 from Bereskin & Parr, a law firm in Toronto, that can help ensure the idea doesn't infringe on existing products. - Business and financial advisory services valued at $10,000 from NBP, a subsidiary of Nytric. - A feature story in a future issue of Canadian Business magazine.Besides looking for an original and disruptive product, judges are seeking inventors who can commit their time and energy to seeing their ideas all the way through the development life cycle. "One of the hardest things, especially in these tough economic times, is to get support for a new innovation even if it is a fantastic idea," says Canadian Business editor Joe Chidley. "That's why we are staging this competition for the third year in a row. The prize package amounts to up to $90,000 in business services and could really make a difference for a would-be entrepreneur. We're looking for someone with a truly innovative idea for a viable product that would change how the world does things." Canadian Business received more than 400 entries during the first two competitions. Last year's winner as selected by the Nytric team of judges was an automated device that breaks down a substance and isolates a certain component. Such extraction systems are used in just about every lab - for example, food testers use them to measure nutritional content - but are not fully automated. Called Certo-Ex, the extraction system developed by Toronto-based Ameer and Ahmed Taha cuts time and costs, and eliminates cross-contamination between samples. Innovators can submit their best ideas at www.canadianbusiness.com/greatinnovation before midnight, May 1. Entrants must submit a two-page outline of the innovation, including a description of what it does, the target market, how it differs from competing products, and how much work has been put into it so far. Competition rules and regulations are also available at the same site. The competition is open to all residents of Canada (excluding Quebec). About Canadian Business magazine: Founded in 1928, Canadian Business is the longest-serving, best-selling and most trusted business publication in Canada. Canadian Business stands alone as the business magazine in Canada with 100% paid circulation. With a readership of more than one million, the magazine is published every second Monday, except in January, July and August, when monthly issues are published. Special annual issues of Canadian Business include the Investor 500, the MBA Guide, the Rich 100 and the Best and Worst Boards. Visit www.canadianbusiness.com.