Closed
Innovation Fund
Support to commercialize innovative products
Last Update: March 30, 2026
Funding available
$ 50,000
Timeline
- Closing date : May 17, 2024
Location
Charlo, Charlottetown, Prince Edward Island, Canada
Overview
The Innovation Fund helps businesses bring innovative products to market and commercialize new or adapted offerings. It provides up to $50,000 per approved project for activities such as refinement, diversification, and commercialization.
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Opportunity Score
Moderate potential, but conditions must align.
At a glance
Funding available
Financing goals
- Increase performance through digital transformation
- Develop a new product or service
- Conduct research and development activities
Eligible Funding
- Maximum amount : 50,000 $
- Up to 50% of project cost
Timeline
- Closing date : May 17, 2024
Eligible candidates
Eligible Industries
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
Location
- Charlo, Charlottetown
- Prince Edward Island
Legal structures
- For-profit business
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Startups
Next steps
1
Determine your project
2
Validate your eligibility
Activities funded
- Refinement and commercialization of an innovative product
- Transition of a beta, pilot, or prototype product to scale-up and full commercial development
- Adaptation of an existing product for a new market segment
Documents Needed
- Business history and description
- Financial statements for the previous two years
- Business plan for new businesses
- Project description and economic benefits
- Supporting quotations for estimated costs
- Source of funds and market position summary
- List of shareholders and key management personnel
Eligibility
Who is eligible?
- Businesses located in Prince Edward Island
- Businesses registered to operate and actively operating in PEI
- Businesses exporting products they manufacture, process, or develop
- Businesses in strategic sectors such as bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, ICT, and creative and cultural industries
Who is not eligible
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
- Applicants in default on reporting, project completion, or financial obligations to Innovation PEI
Eligible expenses
- Labour and wages for project work
- Subcontracting, engineering, and consulting fees
- Materials and product testing
- Intellectual property, market research, and regulatory strategy
- Certification, adaptation, and production planning costs
Eligible geographic areas
- Prince Edward Island
Processing and Agreement
- Applications are reviewed through due diligence on the business and product
- External experts may review technical aspects of the application
- Not all projects meeting minimum criteria receive funding
- Approved applicants must accept a letter of offer
- The letter of offer becomes a contract once accepted
Additional information
- The program has two streams: New Product and Product Diversification.
- An application should be submitted before any financial or legal commitment is made.
- Innovation PEI may recommend other funding programs if the project is not a good fit.
Contacts
Frequently Asked Questions about the Innovation Fund Program
Here are answers to the most common questions about the Innovation Fund. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.
What is the Innovation Fund?
The Innovation Fund helps businesses bring innovative products to market and commercialize new or adapted offerings. It provides up to $50,000 per approved project for activities such as refinement, diversification, and commercialization.
How much funding can be received?
Innovation Fund Funds up to 50% of admissible expenses, capped at $50,000 per project.
Who is eligible for the Innovation Fund program?
To be eligible for the Innovation Fund program, you must:
Business located and operating in Prince Edward Island
Exports manufactured, processed, or developed products
Product has export and commercialization potential
What expenses are eligible under Innovation Fund?
Refinement and commercialization of an innovative product
Transition of a beta, pilot, or prototype product to scale-up and full commercial development
Adaptation of an existing product for a new market segment
Who can I contact for more information about the Innovation Fund?
You can contact Government of Prince Edward Island (PEI) by email at innovation@gov.pe.ca or by phone at 902-368-6300.
Where is the Innovation Fund available?
The Innovation Fund program is available the province of Prince Edward Island.
Who are the financial supporters of the Innovation Fund?
Innovation Fund is funded by Government of Prince Edward Island (PEI), Innovation PEI, Canada Foundation for Innovation (CFI)
