Innovation Fund - Product Diversification Stream
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: +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. +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.). Value +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
Grant Deadline
Deadline not available
Funding Amount
$50,000
Type of Grant
Grant
Sectors
Fintech, Aerospace, Artificial Intelligence, Arts & Culture, Biotechnology, Clean Tech, Film, Music, Food Processing, Manufacturing, Software, Technology, Telecommunications, Media
Demographics
Incorporation
For Profit
Perks
Region Restriction
This grant is restricted to whole of Canada
Keywords
Age Restriction
This grant is age restricted from 18 to 100
Eligibility and Requirements
Be registered to conduct business and actively operating in Prince Edward Island; Exports products that it manufactures, processes, or develops, 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
Project Eligibility
- The project must provide economic benefit to the province of Prince Edward Island
- Have a positive environmental impact Have a brief and clear business case that the new product:
- will satisfy customer needs unmet by existing products,
- will meet customer needs in a novel way, or
- otherwise demonstrates a unique value proposition for customers. Have the potential for the generation of: +export sales, including entry in new markets or new market segment +additional employment opportunities for Prince Edward Island residents
Eligible Activities
To be eligible, a business must demonstrate that the product:
- is at a Technology Readiness Level(link is external) (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.
Grant Application website
Contact
General Inquiries
Innovation PEI
94 Euston Street
PO Box 910
Charlottetown, PE C1A 7L9
Phone: 902-368-6300
Toll-free (North America): 1-800-563-3734
Fax: 902-368-6301
innovation@gov.pe.ca