Innovation PEI is committed to fostering strategic partnerships with industry, academia and other government agencies to develop a more prosperous and vibrant economy that is able to adapt to a changing world. Our agency is made up of three divisions:
Business Development and Integration: This division is responsible for the coordination and delivery of information and assistance to new and existing local businesses in Prince Edward Island. The group provides counseling, financial assistance, business guidance; entrepreneur education and professional development to assist businesses with start up, expansion and diversification.
Global Trade Services: This division is mandated to increase revenues generated from export sales and to assist Prince Edward Island companies in becoming export ready. The division provides training and support for market entry activities and market-specific information.
Business Attraction and Emerging Sectors: This division is responsible for growing the strategic sectors of advanced manufacturing and processing, aerospace and defence, bioscience, information and communications technology, financial services and renewable energy as well as attracting out of province business investment to Prince Edward Island. The division also manages innovation programs focused on encouraging innovation and new product development.
Form of Assistance
Innovation PEI assistance will be in the form of a non-repayable contribution towards the cost of retaining an independent, arms-length Prince Edward Island based information technology consultant for the purpose of assessing and exploring opportunities for application of information technologies within the enterprise.
Level of Assistance
Up to 50 per cent of eligible consultant costs in connection with conducting an information technology assessment, identification of appropriate technologies and development of an implementation plan. Eligible project expenses will not exceed $5,000.
Eligible applicants will be Island based non-IT businesses. Applicants must be sole proprietorships, partnerships, cooperatives or limited liability companies with well-developed export oriented business and marketing plans. Those activities that lead to incremental wealth creation in priority sectors will be favourably considered for financial assistance.
Eligible activities include, but are not limited to:
The Information Technology Planning Assistance requires monitoring for a three-year period. In addition to yearly financial statements, applicants must be prepared to provide information, as requested, on the ongoing activities of the business.
For each project approved, a letter of offer will be forwarded to the applicant(s) which, when accepted, shall constitute a contract between Innovation PEI and the applicant(s).
Should the project fail to comply with the terms of the contract or be discontinued, the corporation may at its sole discretion:
Application must be submitted before any financial or legal commitment is made on the project.
*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies. Not all projects meeting the minimum assistance criteria outlined will receive funding. Please consult with an Innovation PEI staff member for guidance specific to your company’s situation.
Business Development Application