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|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Government of Prince Edward Island
- Innovation PEI
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|projects
Projects eligible for the Innovation Fund include validation, refinement, diversification, and/or commercialization activities. Some supported activities are:
- Business incurred labour and wage costs (maximum of 25% of project)
- Subcontracting, engineering, and consulting expenses
- Materials
- Product or process testing and refinement
- Intellectual property strategy and protection
- Market research and market strategy development
- Regulatory strategy
- Cost of industry or product certification required for entry into new markets
- Refinements related to regionalization, industry customization, etc. to adapt an existing product for entry in a new market
- Production / process strategy and planning
- Other direct project costs required to complete supported activities, as approved by Innovation PEI
grant_single|admissibleProjectsExample
$20,000
Ottawa
Creation of an innovative home gardening kit for urban dwellers
$15,000
Vancouver
Market diversification for a renewable energy consulting firm
$25,000
Montreal
Launch of a new mobile app for urban farming consultation
$20,000
Quebec City
Expansion of a local organic food cooperative into online sales
$12,500
Toronto
Development of a new eco-friendly packaging for food products
$17,500
Calgary
Creating a localized version of a successful e-commerce platform
grant_single_labels|admissibility
The eligibility criteria for this grant are as follows:
- Business must be located in Prince Edward Island
- Business must be registered to conduct business and actively operating in Prince Edward Island
- Business must export products that it manufactures, processes, or develops
- Business must operate within specific strategic sectors
- Business must not have a defaulted outstanding debt obligation in the Province’s Central Default Registry
grant_eligibility_criteria|who_can_apply
There are eligible types of companies for the Innovation Fund grant in Prince Edward Island, Canada.
- Businesses located in Prince Edward Island
- Businesses registered to conduct business and actively operating in Prince Edward Island
- Exporters of products they manufacture, process, or develop
- Operates within strategic sectors such as bioscience, aerospace and defence, renewable energy and clean technology, and more
grant_eligibility_criteria|who_cannot_apply
There are certain types of companies that are not eligible for the Innovation Fund grant in Prince Edward Island. Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry and those in default on any reporting, project completion, or financial obligation to Innovation PEI are not eligible.
- Businesses with defaulted outstanding debt obligations
- Companies in default on reporting, project completion, or financial obligations to Innovation PEI
grant_eligibility_criteria|eligible_expenses
The eligible expenses for this grant include, but are not limited to:
- Business incurred labour and wage costs (maximum of 25% of project)
- Subcontracting, engineering, and consulting expenses
- Materials
- Product or process testing and refinement
- Intellectual property strategy and protection
- Market research and market strategy development
- Regulatory strategy
- Cost of industry or product certification required for entry into new markets
- Refinements related to regionalization, industry customization, etc.
- Production/process strategy and planning
- Other direct project costs required to complete supported activities, as approved by Innovation PEI
grant_single_labels|criteria
Applications for the Innovation Fund will be evaluated based on factors that include demonstrated innovation, market potential, workforce capability, financial capacity, and economic benefit to Prince Edward Island.
- Demonstrated innovation and market potential
- Senior management, technical, and workforce capability
- Track record of the business in commercializing new products
- Financial capacity of the business to complete the project
- Potential for export sales and additional employment opportunities
- Environmental impact
- Economic benefit to Prince Edward Island
- Clear business case for the unique value proposition of the new product
grant_single_labels|register
- Step 1: Consult with an Innovation PEI Business Development Officer
- Step 2: Determine project suitability and application process guidance
- Step 3: Submit application before making any financial or legal commitments
grant_single_labels|contact
innovation@gov.pe.ca
902-368-6300
Apply to this program
