Island entrepreneurs are encouraged to take advantage of two provincial development funds that take project ideas from concept to commercial production.
"Innovation PEI is seeking applications from businesses which would like support for innovative projects under the Pilot and Discovery Fund, and the Development and Commercialization Fund," says Economic Development and Tourism Minister Heath MacDonald.
“The Pilot and Discovery Fund allows Island businesses and researchers to pursue the pilot stage of their projects, while the Development and Commercialization Fund assists businesses that are beyond the pilot stage and into full commercial development,” said Minister MacDonald. “As the province’s lead economic development agency, Innovation PEI is providing support to help innovators explore the commercial potential of their work.”
These two programs reflect government’s commitment to accelerating economic development in the province by investing in people, innovation and infrastructure. Helping businesses create sustainable employment opportunities will build a stronger and more prosperous Prince Edward Island.
Almost 100 projects have been supported through these funds to date. The most recent recipients of the Pilot and Discovery Fund include JobSite to Go, Employ PEI, BFN TechPEI and Maximum Performance and Nutrition. Companies who have benefitted from the Development and Commercialization Fund include Engineering Technologies Canada Ltd., MAXIMUS Canada Services, Inc. (Deltaware Systems), Somru Bioscience Inc., Mugisha Enterprises Inc., and Frontier Power Systems Inc.
“The Pilot and Discovery Fund provided invaluable support as we worked to refine our product and explored various options for getting it to market,” said Peter Douglas, Owner of JobSite To Go. “It’s a great business support and I really encourage other business owners to apply for funding.”
Entrepreneurs are the engines that drive the Prince Edward Island economy. Investing in people, innovation and infrastructure is key to growing the economy, as well as increasing trade and exports to generate wealth, revenue and jobs.
In 2014, Prince Edward Island's total merchandise exports outside Canada surpassed $1billion for the first time and so far in 2015,the province is on track to top that record.
These export numbers also help attract new companies to the province by demonstrating the potential of Prince Edward Island's skilled workforce.
For information on the Pilot and Discovery Fund and the application process please visit www.innovationpei.com/pdfund.
For information on the Development and Commercialization Fund and the application process please visit http://www.innovationpei.com/dcfund
Applications will be accepted until January 22, 2016.