PEI Innovation Fund
Eligibility & Details
What this program funds and who can apply
Program Description
Non-repayable grant covering up to 50% of eligible costs (max $50,000) for PEI companies refining and commercializing new products or adapting existing products for new markets. Targets bioscience, ICT, clean technology, advanced manufacturing, aerospace, and creative industries with export potential.
Eligibility Requirements
- For-profit business registered and operating in PEI
- Must export manufactured, processed, or developed products or services
- Must operate in a strategic sector: bioscience, aerospace, advanced manufacturing, renewable energy, ICT, or creative industries
- No defaulted debt with Province's Central Default Registry
Quick Assessment
Funding Details
- Amount
- Up to $50,000
- Type
- Grant
- Level
- Provincial
- Co-Funding
- Up to 50% of eligible costs
- Deadline
- Paused — check Innovation PEI for reopening
Program Scorecard
Competition, effort, and approval at a glance
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
Insider TipBook a consultation with an Innovation PEI Business Development Officer first — effectively mandatory pre-screening. Emphasize export market opportunity. The 'product diversification' stream is often more accessible than 'new product' for established businesses.
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Success Profile
Established PEI company in ICT, bioscience, clean tech, or advanced manufacturing with a product at prototype/beta stage ready for commercialization, or an existing product being adapted for export.
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Evaluation Criteria
Innovation and market potential; management and workforce capability; business track record in commercialization; IP ownership; financial capacity to carry 50% cost-share; export potential with named target markets; employment creation for PEI residents; environmental impact; clear customer-focused business case.
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Application Playbook
Step-by-step process, required documents, and expenses
Application Steps
Required Documents 5
Eligible Expenses 9
- Labour and wage costs directly attributable to the project
- Subcontracting, engineering, and consulting services
- Materials and testing for product or process refinement
- Intellectual property strategy and protection (patent searches, filing fees)
- Market research and export strategy development
- Regulatory strategy and compliance consulting
- Industry and product certifications for new markets
- Regionalization or market-specific customization costs
- Production and process strategy planning
Ineligible Expenses 8
- Capital equipment purchases
- Ongoing operational costs (salaries for roles that exist regardless of the project)
- Marketing and advertising campaigns
- Travel not directly tied to project deliverables
- Overhead, rent, and utilities
- Repayment of existing debt
- GST/HST (recoverable by the business)
- Work started before written approval (strictly enforced)
Intake Periods
Continuous intake when open; closed as of May 2024. Program cycles through open/closed periods aligned with budget availability. Contact Innovation PEI directly to confirm current status.
Deadline Notes
Program is currently paused and not accepting applications. Contact Innovation PEI Business Development Officer for status updates: [email protected] or 902-368-6300.
Open Application Portal →Ineligible Organizations
- Businesses with defaulted outstanding debt on file in the Province's Central Default Registry
- Businesses in default on any existing Innovation PEI reporting, project completion, or financial obligation
- Non-profit organizations
- Businesses not operating in an eligible strategic sector (bioscience, aerospace, advanced manufacturing, renewable energy, ICT, creative industries)
- Businesses without export potential
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
Compatible Programs
Clawback Risk
Low RiskSee which programs combine with this one — and how much more you could get. Unlock with Premium →
How PEI Innovation Fund Compares
Side-by-side with similar programs
| Program | Amount | Difficulty | Payment | Deadline |
|---|---|---|---|---|
| PEI Innovation Fund | Up to $50,000 | Moderate | Reimbursement | Paused — check... |
| Strategic Response Fund (formerly Str... | Up to $50 million | Hard | Mixed (Advance + Reimb.) | Ongoing — continuous... |
| CanExport SMEs | Up to $50,000 | Moderate | Mixed (Advance + Reimb.) | Annual intake window.... |
| Innovative Solutions Canada | up to $150,000 | Hard | Milestone-Based | Challenge-specific — new... |
| Ocean Supercluster | Up to $5 million | Hard | Reimbursement | Call-specific — no open... |
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