Innovation Fund
Highlights
This program is designed for businesses like yours to help bring innovative products to market. You can receive up to $50,000 in financial support, covering up to 50% of eligible costs. This funding can be used for various activities, including product refinement, market research, and regulatory strategy.
Key Benefits:
- Financial Support: Up to $50,000 per project.
- Wide Range of Eligible Costs: Including labor, consulting, materials, and market strategy.
- Non-Repayable Funding: Government-backed, non-repayable assistance covering up to 75% of eligible costs from all sources.
By applying, you can accelerate your product's journey to market, potentially increasing export sales and creating new employment opportunities. The application process is straightforward, and the program is tailored to support businesses with high potential for successful commercialization.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Business-incurred labor and wage costs (up to 25% of the project).
- Subcontracting, engineering, and consulting expenses.
- Materials.
- Product or process testing and refinement.
- Intellectual property strategy and protection.
- Market research and market strategy development.
- Regulatory strategy.
- Cost of industry or product certification for new markets.
- Refinements for regionalization or industry customization.
- Production/process strategy and planning.
- Other direct project costs approved by Innovation PEI.
Ineligible Expenses:
- Recurring operational costs.
- Debt servicing or repayment.
- Costs incurred outside the project scope.
Fees:
- No fees associated with the program.
Qualifications
- Must be located in Prince Edward Island.
- Must be registered to conduct business and actively operating in Prince Edward Island.
- Must export products that it manufactures, processes, or develops.
Must operate within one of these strategic sectors:
- Bioscience
- Aerospace and defence
- Advanced manufacturing and processing
- Renewable energy and clean technology
- Information and communications technology
- Creative and cultural industries
- First-of-its-kind exportable goods or services in other sectors may be considered.
Disqualifications:
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- Businesses in default on any reporting, project completion, or financial obligation to Innovation PEI until a resolution to the default is reached.
Description
This program offers your business a chance to receive up to $50,000 in financial support. This money can help you bring a new product, service, or process to market. You can use it for various costs like refining, commercializing, or adapting your product for new markets.
Eligible costs include:
- Labour and wage costs (up to 25% of the project)
- Subcontracting, engineering, and consulting expenses
- Materials and product testing
- Intellectual property protection
- Market research and strategy development
- Regulatory strategy and industry certification
The program covers up to 50% of eligible costs, and the combined funding from all non-repayable government sources can cover up to 75% of these costs.
This is a great opportunity for your business to scale up and enter new markets with financial support, reducing the risk and burden on your own resources.
Program Steps
Consult with an Innovation PEI Business Development Officer: Reach out to an officer for guidance on the suitability of your project and the application process. They can provide valuable insights and recommendations.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- History and description of your business.
- Detailed Financial Statements for the previous two years (for existing businesses).
- Completed business plan (for new businesses).
- Description of the proposed project or activity.
- Detailed description of the economic benefits to your organization and Prince Edward Island.
- Estimated costs of the proposed project or activity, supported by written quotations.
- Source of funds for the project (e.g., lending institutions, banks, government loans/grants).
- Explanation of your current market position and projected market.
- List of all shareholders and key management personnel.
Outline the Project: Clearly describe the proposed project or activity, including how it relates to your products and/or services. Detail the economic benefits and potential for export market uptake.
Submit the Application: Complete and submit the application form before making any financial or legal commitments on the project. Ensure all required information and documentation are included.
Review and Evaluation: Innovation PEI will review your application, possibly with the help of external experts. They will evaluate your business's capacity to complete the project and achieve the stated outcomes.
Acceptance of Offer: If approved, you will receive a letter of offer stating the terms and conditions. Accepting this letter will constitute a contract between you and Innovation PEI.
Performance Monitoring: Adhere to the terms and conditions outlined in the letter of offer. Innovation PEI will monitor the project's progress and performance.
Receive Funding: Upon meeting all conditions and milestones, receive up to 50% of eligible costs, to a maximum of $50,000, for your approved project.