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Innovation Fund

Support to commercialize innovative products

Offered by
Government of Prince Edward Island (PEI)
Official source: validate.perfdrive.com

Record updated

Funding available
$ 50,000
Up to 50% of project cost
Deadline
Unspecified
Location
New Brunswick, Prince Edward Island, Canada
Who can apply
Businesses located in Prince Edward Island
See full eligibility

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.

At a glance

Funding available

Maximum funding
$50,000
Maximum share of project costs
50%
Financing goals
  • Increase performance through digital transformation
  • Develop a new product or service
  • Conduct research and development activities
  • Optimize production processes
  • Obtain certifications or accreditations
  • Access new markets
  • Launch or market a product/service
  • Conduct research or evaluation activities

Eligible candidates

Location
  • Charlo, Charlottetown
  • New Brunswick, Prince Edward Island
Eligible Industries
All industries
Annual revenue
All revenue ranges
Organisation size
All organization sizes
Audience
  • Startups
Legal structures
For-profit business

Receipt of requests is now closed

Get notified about updates to this grant.

Availability timeline

2025
Periods: 1

Latest changes

Innovation Fund draft proposal details updated

The grant page now shows the 2027 draft call for proposals, including key dates, budget, application steps, and eligibility details.

See more

The grant content now includes the 2027 draft call for proposals for the Innovation Fund instead of only an access error page. Key program information is visible, including the timeline, budget, application steps, eligibility details, and the main project scope and stream descriptions. This suggests a meaningful update to the grant content, especially for dates, funding terms, and how applicants should prepare and submit proposals. The contact and portal details do not appear to have changed on the visible page.

Official source: validate.perfdrive.com
April 18, 2026

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

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

How to apply

  • Step 1
    • Consult an Innovation PEI Business Development Officer about project suitability.
  • Step 2
    • Prepare the required business information and supporting documents.
  • Step 3
    • Submit the application before any financial or legal commitment is made.

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

Selection criteria

  • Innovation and market potential
  • Management, technical, and workforce capability
  • Track record in commercializing new products
  • Intellectual property ownership or rights
  • Financial capacity and economic benefit to 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

innovation@gov.pe.ca
902-368-6300

Official sources

validate.perfdrive.com
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Frequently Asked Questions about the Innovation Fund Program

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?

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

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 New Brunswick, 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 (PEI), Canada Foundation for Innovation (CFI)