Innovation and Business Development Fund

Who is eligible?

This grant is aimed at enhancing the oil and gas supply and service capabilities in Newfoundland and Labrador's energy sector, especially for non-commercial and commercial entities involved in this region.

• Non-commercial entities including industry associations, business development organizations, indigenous organizations, and post-secondary education institutions in Newfoundland and Labrador involved in energy.
• Commercial entities such as registered businesses, primarily small-and-medium-sized enterprises (SMEs) with operations in Newfoundland and Labrador.

Who is not eligible

The applicant guide does not explicitly list companies or industries that are ineligible for the Innovation and Business Development Fund. However, restrictions may apply to ensure alignment with the fund's objectives.

• Costs incurred prior to application are not eligible, suggesting pre-funded projects may face restrictions.
• Other Provincial Government funding cannot be used as project financing.
• Specific costs like proposal development and administrative support are deemed ineligible.

Eligible expenses

This grant supports initiatives that enhance supply and service capacities in the oil and gas sector, as well as diversifying into other energy sectors. Eligible activities focus on workforce expansion, operational enhancements, and infrastructure development.

• Labour costs for new technical, supply chain, or market development expertise necessary for the project.
• Operating costs for strategic initiatives related to supply chain opportunities, industry promotion, export readiness, market entry strategies, and demonstration of emerging technologies.
• Capital costs for specialized equipment, building renovations, and purpose-built supply and service infrastructure.

Eligible geographic areas

This grant is intended for organizations and businesses located within Newfoundland and Labrador. Eligibility is specific to operations within this province, ensuring the fund supports local industry growth.

• Businesses operating in Newfoundland and Labrador.
• Organizations registered within the province of Newfoundland and Labrador.

The evaluation and selection criteria for projects under the Innovation and Business Development Fund (IBDF) are designed to ensure the strategic alignment and effective use of resources to enhance Newfoundland and Labrador’s energy sector.

• Demonstration of need or opportunity for innovation and business development.
• Relevance and contribution to expanding local supply, export, and diversification opportunities.
• Evidence of market pull and industry demand for the proposed project.
• Potential for industry-wide impacts and economic benefits at local, regional, or provincial levels.
• Demonstrated ability and track record of the applicant in project management and successful completion of initiatives.
• Feasibility of the project with a detailed and well-defined implementation plan.
• Financial leverage and sustainability, including funding leveraged from private, federal, and other sources.
• Clear rationale and necessity for IBDF funding to the project’s execution.

• Step 1: Understanding Eligibility and Requirements
  • Review the IBDF Guidelines to understand program objectives, eligible applicants, and project types.
  • Confirm that your organization and proposal meet the eligibility criteria.
• Step 2: Develop Proposal
  • Create a detailed project proposal utilizing the format provided in the applicant guide.
  • Include all necessary sections: Title Page, Executive Summary, Introduction, Purpose and Objectives, Description of Proposed Project, Project Management, Budget/Financial, and Appendices.
  • Gather required documents such as latest financial statements, resumes of key personnel, letters of support, cost estimates, and any detailed design work.
• Step 3: Consult with IET Office
  • Contact the Department of Industry, Energy & Technology in your region for guidance on your proposal.
• Step 4: Complete Application Form
  • Fill out the application form available from the Department of Industry, Energy & Technology.
• Step 5: Submit Application
  • Submit your completed proposal and application form to the Department of Industry, Energy & Technology by the specified deadline.
  • Ensure that all required documents and sections are included with your submission.
• Step 6: Confirmation of Receipt
  • Receive confirmation from the fund provider acknowledging receipt of your application.

Here are additional relevant details for this grant:

• IBDF funding does not cover costs incurred prior to the application, proposal development, or administrative support.
• Financial assistance from the IBDF usually does not exceed 50% of the project's total costs and is non-repayable.
• Applicants must provide confirmation of other financing prior to receiving IBDF approval.
• Multi-year funding commitments are possible, subject to budget availability and additional approval.
• Provincial Government funding cannot be used as project financing, ensuring no duplication.