Innovation Fund

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.

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.

Who is eligible?

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.

Who is not eligible

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.

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.

Eligible geographic areas

This grant is available exclusively to businesses located in Prince Edward Island, supporting local innovation and economic growth within the region.

• Prince Edward Island

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.

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.