Innovation Fund

For Prince Edward Island businesses that have an innovative product showing real market promise, the challenge is often moving from a working prototype to something that’s ready to sell at scale. The Innovation Fund, delivered by Innovation PEI, is designed to help close that gap by offsetting the cost of refining and commercializing new or improved products aimed at export markets. Whether you’re polishing a pilot product or adapting an existing solution for a new customer segment or geography, this program can help make those final development steps more achievable.

The fund supports two common growth paths: bringing a new product through its final refinements toward full commercialization, or modifying an existing product so it can succeed in a different market or industry. Funding can reach up to $50,000 per project and typically covers about half of eligible project costs, making it especially valuable for small and mid-sized companies managing cash flow while investing in growth. Supported activities can include product testing, engineering or design work, regulatory and certification planning, intellectual property protection, and market strategy development. The program is particularly relevant to PEI businesses in sectors such as biosciences, aerospace and defence, advanced manufacturing, clean technology, information technology, and creative industries.

Applications are currently being accepted on an ongoing basis, and projects are assessed based on their readiness and commercialization potential. For PEI businesses looking to turn innovation into export-ready revenue, it’s worth taking a closer look at how this fund could support your next step.