Innovation Fund
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.
Offered by Innovation PEI
Amount
Up to 50 per cent of eligible costs to a maximum of $50,000 in assistance per approved project
Quick eligibility check
Who can apply
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be registered to conduct business and actively operating in Prince Edward Island;
- exports products that it manufactures, processes, or develops; and
- operates 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.
To be eligible, a business must demonstrate that the product:
- is at a Technology Readiness Level (TRL) 6,7, 8 or 9 or equivalent as per Industry Canada;
- has demonstrated potential for export market uptake; and
- has a high likelihood of successful commercialization and a demonstrated path to market, including detailed timeline and milestones.
The project must provide economic benefit to the province of Prince Edward Island.
About the funding
The Innovation Fund may be accessed once per product; the business should consider the stage at which the support will be most beneficial.
The Innovation Fund provides up to 50 per cent of eligible costs to a maximum of $50,000 in assistance per approved project.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
Funding may be available to support costs associated with validation, refinement, diversification, and/or commercialization.
Show all funding details
Eligible costs are limited to non-recurring direct costs to complete the project, including (this list is representative, not exhaustive):
- 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; and
- other direct project costs required to complete supported activities, as approved by Innovation PEI and detailed in a letter of offer to a successful applicant.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Advanced Manufacturing Technology Assessments | Grant | Up to $50,000 | Open |
| Export Trade Assistance | Grant | Up to 60% of pre-determined eligible costs for approved Global Trade Services trade activities | Open |
| Food Product Development Assistance | Grant | Up to $50,000 | Open |
| Ignition Fund | Grant, Investment, Competition | Up to $25,000 | Open |
