Innovation P.E.I. funds target new and emerging businesses
Island entrepreneurs are encouraged to take advantage of two provincial development funds that take project ideas from concept to commercial production.
Innovation P.E.I. is seeking funding applications from businesses under the Pilot and Discovery Fund and the Development and Commercialization Fund.
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 P.E.I., 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.”
“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 Economic Development and Tourism Minister Heath MacDonald. “As the province’s lead economic development agency, Innovation P.E.I. is providing support to help innovators explore the commercial potential of their work.”
For information on the Pilot and Discovery Fund and the application process, visit www.innovationpei.com/pdfu nd. For information on the Development and Commercialization Fund, visit http://www.innovationpei.com /dcfund.
Applications will be accepted until Jan. 22.