• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Atlantic Canada Business Grants

  • Atlantic
    • Accelerators
    • Entrepreneurship Programs
    • Competitions
    • Equity Investment Programs
    • Grants
      • Black Business Grants
      • Export Grants
      • Indigenous Business Grants
      • Women Business Grants
    • Loans
    • Wage Subsidies
    • Funding Organizations
      • ACOA
      • CBDC
  • New Brunswick
    • New Brunswick Small Business Guide
      • Major Industries in NB
      • Starting a Business in NB
      • Best Business to Start in NB
      • Businesses for Sale in NB
        • Franchise Opportunities in NB
      • Register a Business in NB
        • NB Business Registry
        • NB Business License
      • Incorporating a Business in NB
    • Grants
      • Start Up Business Grants
    • Loans
      • How to Get a Small Business Loan in NB
    • Rebates
    • Tax Credits
    • Wage Subsidies
  • Newfoundland
    • Newfoundland & Labrador Business Guide
      • Major Industries in NL
      • Start a Business in NL
      • Best Business to Start in NL
      • Businesses for Sale in NL
      • Incorporate a Business in NL
      • Register a Business in NL
    • Grants
      • Start Up Business Grants
    • Loans
    • Rebates
    • Tax Credits
    • Wage Subsidies
  • Nova Scotia
    • Nova Scotia Small Business Guide
      • Top Industries in NS
        • Halifax Industries
      • Starting a Business in NS
      • Best Business to Start in NS
      • Businesses for Sale in NS
        • Franchise Opportunities
        • Halifax Business for Sale
          • Business Brokers in Halifax
      • Incorporating a Business in NS
      • Register a Business in NS
        • NS Registry of Joint Stocks
          • How to Search the NS Registry
        • NS Business Number
        • NS Business License
      • Business Insurance in NS
      • Business Immigration to NS
      • Business News in NS
      • Business Resources for NS
    • Grants
      • Start Up Business Grants
    • Loans
      • How to Get a Business Loan in NS
    • Rebates
    • Tax Credits
    • Wage Subsidies
  • PEI
    • PEI Small Business Guide
      • Major Industries in PEI
      • Starting a Business in PEI
      • Best Business to Start in PEI
      • Businesses for Sale PEI
      • Incorporate a Business in PEI
      • Register a Business in PEI
        • PEI Business Registry
    • Grants
      • Start Up Business Grants
    • Loans
    • Rebates
    • Tax Credits
    • Wage Subsidies
  • About
  • Get Help

Innovation Fund

by Maurice | February 6, 2023

Amount:

$50,000.00

Type of Program:

Grants


Description:

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: 

  1. 1
    The 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.
  2. 2
    The 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:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be registered to conduct business and actively operating in Prince Edward Island,
  • export products that it manufactures, processes, or develops,
  • 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 (first-of-its-kind exportable goods or services in other sectors may be considered),
  • not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry. 

Application Steps:

1

are encouraged to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process, 

2

must submit their application forms to be reviewed by Innovation PEI before any financial or legal commitment is made on the project,

3

must accept the letter of offer forwarded to them which shall create a contract between Innovation PEI and the applicants.

Documentation Needed: 

The applicant must submit: 

  1. 1
    the online application form,
  2. 2
    a description of the business and an outline of its history,
  3. 3
    detailed Financial Statements for the previous two years, if existing business,
  4. 4
    a completed business plan, if a new businesses,
  5. 5
    a description of the proposed project or activity in relation to the products and/or services delivered by the business,
  6. 6
    a detailed description of the economic benefits to the organization and to Prince Edward Island,
  7. 7
    detailed information on the estimated costs of the proposed project or activity,
  8. 8
    source of funds for the project,
  9. 9
    explanation of the business's current market position and projected market, outlining any increases in market share,
  10. 10
    a list of all shareholders and key management personnel.

Other Things to Note:

No other details available.

Program Contact:

Innovation Fund

Related posts:

PEI Business Registry: Plain English Guide for Prince Edward Island Entrepreneurs
Major Industries in Prince Edward Island: Overview of 8 Top Industries
Aboriginal Business Financing Program (ABFP)
Jobs and Growth Fund (JGF)

About Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Footer

Company

  • About
  • Services
  • Contact
  • Privacy Policy

Grants

  • NS Grants
  • NB Grants
  • NL Grants
  • PEI Grants

© 2023 · Atlantic Canada Business Grants

  • About
  • Services
  • Contact
  • Privacy Policy