Innovation PEI is supporting seven new initiatives under the Pilot and Discovery Fund, says Innovation and Advanced Learning Minister Allan Campbell.
“In the Island Prosperity Strategy, government recognized that support for technologically innovative business ideas will lead to ongoing growth and development in the Prince Edward Island economy,” said Minister Campbell. “Today we are announcing support from the Pilot and Discovery Fund program with grants of up to $25,000 for testing of an innovative idea. This is important support for these individual projects but also for the idea that innovative thinking will lead to employment and economic growth.”
A new round of funding under the Pilot and Discovery Fund was recently announced and innovators with projects at the early proof-of-concept stage are encouraged to apply before the June 22, 2011 deadline.
The purpose of the Pilot and Discovery Fund is to support the early stages of development that will ultimately result in new products, services or processes in the province’s strategic sectors: bioscience (including agriculture and fisheries), information technology, renewable energy and aerospace. All applications for the Pilot Discovery Fund are evaluated by a peer review committee and are assessed on technical merit (innovation), qualifications of applicants and possible future economic benefit to Prince Edward Island.
For more information on the Pilot and Discovery Fund visit www.innovationpei.com.
BACKGROUNDER
Pilot and Discovery Fund – 2011 recipients
The Innovation PEI Pilot and Discovery Fund – developed under the Island Prosperity Strategy – is designed to support early stage proof-of-concept projects that will lead to the development of new products, services or processes in the strategic sectors: bioscience (including agriculture and fisheries), information technology, renewable energy and aerospace. Applicants must demonstrate the ability to meet project timelines, budget, milestones and display a high level of innovation within project activities.
The Innovation PEI Pilot and Discovery Fund will provide grants of up to $25,000 to cover eligible expenses associated with testing an innovative idea. Applications were reviewed by a peer review committee made up of members from the private and public sector, academia, government departments and crown corporations. Applications were required to express the degree of difficulty in completing the project as well as innovative aspects behind their product.
The recipients from the third round are as follows (Organization and Project Title):
University of Prince Edward Island ~ Biodegradable Drug Delivery Systems. The Tunable Release of Bioactives
NRC - Institute for Nutrisciences and Health ~ Development of a bioassay for testing the inhibition of cholesterol absorption
PEI Bag Company ~ Developing an Automatic Bagging Solution
University of Prince Edward Island ~ Development of Molecular Assays for Early Detection of High Risk Tunicate Propagules in Environmental Water Samples
ViTrak Systems Inc. ~ Gait Analysis Sensor Floor Development & Demonstration Project
International Genetics PEI Ltd. ~ On-farm Rapid Diagnostic Test for PRRS Virus in Swine
University of Prince Edward Island ~ Combining Neutraceuticals to Magnify Clinical Benefit in Humans and Animals