The search is on for innovative projects utilizing wireless and hand-held technologies. Technology PEI will issue the first request for proposals under the new Wireless Technology Development Fund on June 17. The $1 million fund will be used to support the development of new products and services for wireless applications.
Rogers Wireless and Ericsson Canada will contribute $500,000 to the fund over the next four years. The Province of Prince Edward Island will match that contribution.
The fund is intended to encourage and support development of a wide range of projects aimed at developing services or products based on wireless network technology including, but not restricted to, cellular network technology. Projects should be based on the development of a service or product that will deliver revenue opportunity to the innovative company demonstrated through a business plan.
Ringtones, text messaging and video games are all significant revenue generators for content companies, and there will be many other products and services that will be driven through mobile phone.
The fund will provide up to 50 percent of the total development project human resource budget to a maximum of $50,000.
“The idea is to both encourage the development of products and to encourage the development of a skilled workforce,” said Development and Technology Minister Mike Currie. “Wireless technology is a fast growing industry and we need to further develop our capacity to attract new businesses to the province and encourage existing businesses to explore new opportunities.”
Contributions from the fund are considered as a purchase of a royalty interest. Companies whose projects are funded must agree to the repayment of the principal and payment of a royalty based on the future gross sales of the product or service developed from the project.
Advertisements will appear in local newspapers on June 17 with more details about the Request for Proposals. More information is also available at the Technology PEI website: http://www.techpei.com/