Technology PEI Inc., the province's lead agency in the development, adoption, and use of information technologies in business and community, is seeking input on an Information Technology 'small business' incubator program for Prince Edward Island.
The proposed program will provide management guidance, technical assistance and consulting services tailored to developing companies in the information technology, film, television and new media industries.
The Minister of Development and Technology, Mike Currie, says incubator programs have become an effective way of providing assistance to new companies.
" The economy on Prince Edward Island has been steadily growing, with record high employment numbers, and we believe it is important to keep that growing by helping our young entrepreneurs develop into viable companies to provide new job opportunities and wealth in the province ," said Minister Currie.
"The goal of an incubator program is not only to help small businesses survive the start-up period when they are most vulnerable, but to produce confident, successful graduates to run productive businesses," added the Minister.
According to the ‘Impact of Incubator Investments Study, published in 1997, (National Business Incubation Association), thirty percent of an incubator's clients graduate, and eighty-seven percent of incubator graduates remain in business.
Sandy Peardon, Executive Director of the Information Technologies Association of Prince Edward Island (ITAP) says that incubators are especially positive for entrepreneurs entering the IT industry. "Technology businesses have extraordinary financial, logistical, and management requirements during the first three years of incorporation," said Mr Peardon. "ITAP will work closely with Technology PEI and the educational institutions to ensure that a successful incubation model will evolve."
The proposed incubator program will initially be made available in the Atlantic Technology Centre, scheduled to open in August, 2002, as well as in other locations throughout the province.
For more information on incubation visit www.techpei.com
All comments or suggestions regarding the incubator program should be made to Technology PEI via email to Itincubator@gov.pe.ca by December 21, 2001.