Innovation Fund
PE, Canada
Financing for PEI businesses to bring new products to market
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|closingDateMay 17, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
- Arts, entertainment and recreation
grant_single|grantors
- Innovation PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Get a maximum of $50,000 in financial support to cover up to 50% of the cost of refining and commercializing a new innovative product or modifying an existing one for a new market.
grant_single_labels|terms_and_conditions
This grant offers potential funding support for businesses looking to bring innovative products to market, with specific conditions on how the funds are utilized. Detailed criteria ensure financial responsibility and strategic impact.
- Provides up to 50% of eligible costs, capped at $50,000 per approved project.
- Funding from all non-repayable government sources should not exceed 75% of eligible costs.
grant_single_labels|projects
The Innovation Fund supports businesses in bringing innovative products, services, or processes to market by assisting in the refinement and commercialization stages. The eligible activities focus on enhancing product readiness and addressing specific market requirements.
- Costs associated with product validation and refinement.
- Activities for product diversification into new market segments or geographical areas.
- Development of intellectual property strategies and market strategies.
- Product or process testing and refinement for commercialization.
- Regulatory and certification costs for new market entry.
- Regionalization and industry customization adaptations for existing products.
- Production and process strategy and planning related to commercialization efforts.
grant_single|admissibleProjectsExample
$ 20,000
Creation of an innovative home gardening kit for urban dwellers
$ 25,000
Launch of a new mobile app for urban farming consultation
$ 15,000
Market diversification for a renewable energy consulting firm
$ 20,000
Expansion of a local organic food cooperative into online sales
$ 12,500
Development of a new eco-friendly packaging for food products
$ 17,500
Creating a localized version of a successful e-commerce platform
grant_single_labels|admissibility
Eligibility for the Innovation Fund is determined by specific requirements related to the business's location, operations, and sector involvement.
- The business must be located in Prince Edward Island.
- The business must be registered to conduct business and actively operating in Prince Edward Island.
- The business must export products that it manufactures, processes, or develops.
- The business 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.
- Businesses involved in first-of-its-kind exportable goods or services in other sectors may be considered.
- The business must not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- New project submissions from an applicant in default on any reporting, project completion, or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.
grant_eligibility_criteria|who_can_apply
The Innovation Fund is designed for businesses located in Prince Edward Island that are engaged in specific strategic sectors or are creating first-of-its-kind exportable goods or services.
- Businesses must be registered and actively operating in Prince Edward Island.
- Must export goods they manufacture, process, or develop.
- Operate within strategic sectors such as 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.
- Cannot have a defaulted outstanding debt obligation to the Province’s Central Default Registry.
- Must not be in default on any project or financial obligations to Innovation PEI, unless resolved.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies primarily based on their financial status and industry criteria. Businesses must meet the eligibility requirements, and those that do not are restricted from applying.
- Companies that are not located in Prince Edward Island or are not actively operating within the province.
- Businesses not engaged in one of the listed strategic sectors, such as bioscience, aerospace and defence, or other specified industries.
- Companies with a defaulted outstanding debt obligation in the Province’s Central Default Registry.
- Applicants in default on reporting, project completion, or financial obligations to Innovation PEI until resolved.
grant_eligibility_criteria|eligible_expenses
The Innovation Fund supports businesses in Prince Edward Island aiming to commercialize or diversify their products for export markets. Eligible activities focus on refining products to meet new market demands and adopting existing products for new geographical or industrial contexts.
- Validation, refinement, and diversification of products with export potential.
- Business-incurred labour and wage costs directly related to the project.
- Subcontracting, engineering, and consulting services.
- Materials and testing costs for the product or process refinement.
- Intellectual property strategy and protection efforts.
- Market research and market strategy development.
- Development of regulatory strategies for new market entries.
- Acquisition of industry or product certifications necessary for new markets.
- Adjustments for regionalization or industry-specific customization.
- Production and process strategy development and planning.
- Other approved direct project costs essential to complete supported activities.
grant_eligibility_criteria|zone
This grant is available exclusively to businesses located in Prince Edward Island, supporting local innovation and economic growth within the region.
- Prince Edward Island
grant_single_labels|criteria
The evaluation and selection of projects for the Innovation Fund focus on several key factors to determine the potential success and impact of the proposed projects.
- Demonstrated innovation and market potential of the product.
- Capability of senior management, technical staff, and workforce to execute the project.
- Track record of the business, including previous success in the commercialization of new products.
- Ownership or rights to the intellectual property necessary for exploiting the new product.
- Evidence of the business's financial capacity to complete the project, along with contributions from other sources.
- Potential for generating export sales and entering new markets or segments.
- Potential to create additional employment for residents of Prince Edward Island.
- The environmental impact of the project.
- A clear and concise business case showing how the product will meet customer needs uniquely or address unmet needs.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Initial Consultation
- Contact an Innovation PEI Business Development Officer to discuss project suitability and application process.
- Step 2: Gather Required Documentation
- Prepare an outline of the business history and description.
- Collect Financial Statements from the last two years for existing businesses or a completed business plan for new businesses.
- Draft a detailed project description and economic benefits analysis for both the organization and Prince Edward Island.
- Gather detailed cost estimates for the project, supported by written quotations.
- Compile information on the funding sources for the project.
- Outline the current and projected market positions including increases in market share.
- List all shareholders and key management personnel.
- Step 3: Prepare Application
- Complete the application form with all required details and attach supporting documents.
- Step 4: Submission of Application
- Submit the completed application to Innovation PEI before making any financial or legal commitments on the project.
- Step 5: Confirmation and Monitoring
- Receive a confirmation of receipt of application.
- Engage in performance monitoring and comply with terms and conditions if the application is approved.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The Innovation Fund can be accessed only once per product, necessitating careful selection of the stage at which assistance will be most beneficial.
- Innovation PEI may deny a grant application or request for payment if fraudulent intent is suspected or detected.
- A letter of offer from Innovation PEI, once accepted, constitutes a binding contract outlining terms and conditions of approval.
- Innovation PEI encourages consultation with a Business Development Officer to assess project suitability and guide the application process.
grant_single_labels|contact
innovation@gov.pe.ca
902-368-6300
Apply to this program
Empowering Innovation Through Financial Support
The Innovation Fund provides significant financial assistance to businesses in Prince Edward Island aiming to commercialize innovative products with proven potential for success in export markets. This initiative underscores the province's commitment to nurturing high-potential products through final product refinements and market diversification efforts.
Comprehensive Overview of the Innovation Fund and Its Strategic Importance
The Innovation Fund is structured to facilitate the market entry of innovative products at crucial stages of development. By offering financial backing, the Fund aids businesses in overcoming typical commercialization hurdles that often impede innovative products from achieving full market readiness. With this program, businesses can transition from prototype stages to final product configurations ready for broader commercialization. Moreover, it supports businesses in adapting existing products to fit new market segments or different geographic areas.
Eligible applicants must be active businesses located in Prince Edward Island, registered, operating within specified strategic sectors such as bioscience, aerospace and defence, and advanced manufacturing, among others. These firms must also exhibit a strong export orientation and meet certain technological readiness criteria to qualify for funding consideration. The Fund specifically caters to companies that demonstrate a high likelihood of successful commercialization, offering up to 50% of project costs up to a maximum contribution of $50,000 per project.
Support is targeted towards key expenses associated with bringing a new product to market, which includes validation of the product, detailed market strategy development, regulatory approvals, product refinement, and potential customization for new markets. This financial assistance is targeted to bolster the region's economic standing by ensuring that products developed hold a competitive edge in both local and international markets.
The rigorous application process places emphasis on the viability and innovative potential of the product, the capability of the management team, and the financial robustness of the business. Particular attention is directed towards the viability of the business and its capacity to complete the project and scale successfully. Projects with clear paths to market, solid export potential, and realistic timelines backed by sound financial plans are prioritised for grants, ensuring that funds are channelled efficiently towards high-impact projects.
By encouraging SMEs to push the envelope of innovation, the Innovation Fund not only stimulates local employment and economic growth but also seeds the development of key industries that contribute positively to Prince Edward Island's competitive position in the global market. Businesses in sectors such as information and communications technology or renewable energy stand to benefit substantially from this funding, paving the way for sustainable economic advancements.
To maintain transparency and ensure accountability, Innovation PEI requires thorough project financial documentation, frequent performance monitoring, including timelines and milestones, to assess the success and broader impact of funded projects. In partnership with industry experts, the Fund conducts meticulous oversight to secure the best outcomes for stakeholders involved.
Through this strategic financial instrument, Prince Edward Island positions itself as an incubator for cutting-edge innovation, thus promoting long-term economic resilience. By fostering a favourable environment for innovation, the Fund plays a pivotal role in not only diversifying Prince Edward Island's economic landscape but also positioning its industries to succeed on a global scale.
