Innovation and Business Development Fund

For companies involved in Newfoundland and Labrador’s oil and gas supply and service sector, investing in new capabilities or expanding into new markets can be costly and complex. The Innovation and Business Development Fund is designed to ease that burden by helping businesses pursue projects that strengthen and diversify the province’s energy-related supply chain. Whether the goal is to develop new services, improve competitiveness, or explore export opportunities, this program can help offset a meaningful portion of project costs.

Delivered by the Government of Newfoundland and Labrador through the Department of Natural Resources and Energy Development, the fund provides non-repayable financial support that can cover up to roughly half of eligible expenses. It is particularly relevant for businesses working on initiatives that encourage collaboration across the supply chain, introduce innovative approaches, or reduce reliance on a single market or customer. Projects that position local companies to compete beyond the province, or adapt their expertise to adjacent industries, are also a strong fit with the program’s objectives.

Applications are generally accepted on an ongoing basis, with funding levels and project scope assessed case by case. For oil and gas service and supply businesses considering strategic growth or diversification, taking a closer look at this fund’s requirements and priorities can help determine if it aligns with your next phase of development.