Type of Program:
The Innovation Fund assists businesses to bring a new product, service, or process (“product”) to market by providing financial support for the costs to refine and commercialize an innovative product that has demonstrated potential for export market uptake.
The Innovation Fund has two streams:
- 1The New Product stream can support the transition from a demonstrated beta/pilot/prototype product to the final stage refinements for scale-up and full commercial development of the product.
- 2The Product Diversification stream can support the adaptation of an existing product for a new market segment, where refinement and enhancement changes are required to function in a new geographical area, vertical or industry (to adjust to different requirements, such as regulatory/legal, business environment, industry requirements, culture, etc.).
Comments on Funding:
The Innovation Fund provides up to 50 per cent of eligible costs to a maximum of $50,000 in assistance per approved project. The Innovation Fund may be accessed once per product; the business should consider the stage at which the support will be most beneficial.
When It Ends:
The applicant must:
are encouraged to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process,
must submit their application forms to be reviewed by Innovation PEI before any financial or legal commitment is made on the project,
must accept the letter of offer forwarded to them which shall create a contract between Innovation PEI and the applicants.
The applicant must submit:
- 1the online application form,
- 2a description of the business and an outline of its history,
- 3detailed Financial Statements for the previous two years, if existing business,
- 4a completed business plan, if a new businesses,
- 5a description of the proposed project or activity in relation to the products and/or services delivered by the business,
- 6a detailed description of the economic benefits to the organization and to Prince Edward Island,
- 7detailed information on the estimated costs of the proposed project or activity,
- 8source of funds for the project,
- 9explanation of the business's current market position and projected market, outlining any increases in market share,
- 10a list of all shareholders and key management personnel.