Program Details

Introduction:

The Development and Commercialization Fund will support Island-based businesses and researchers who have moved beyond the prototype and pilot stage, have tested and developed a product and wish to move toward manufacturing or commercial scale production.

The Development and Commercialization Fund will contribute a maximum of $100,000 (or 50% of eligible expenses) towards the completion of an approved project. Applications will be evaluated by a peer review committee and should align to one of the strategic sectors: bioscience (including agriculture and fisheries), information technology, renewable energy, aerospace and advanced manufacturing.

Eligible Proponents:

Proponents must:

• Be from the private sector, public sector, industry associations, or academia (provincial government departments, agencies, or crown corporations are not eligible to be primary applicants).
• Reside or be incorporated in Prince Edward Island.
• Demonstrate capacity to meet project outcomes as evidenced through appropriate experience, education and training, or partnerships. Ability to meet budgetary requirements is essential.
• Be majority owners of their business or lead researchers on their project.

Eligible Projects:

Proposed Project must:

• Involve an eligible activity.
• Demonstrate a high level of innovation.
• Fit clearly within the bioscience (including agriculture and fisheries), information technology, aerospace, renewable energy or advanced manufacturing sectors.
• Include a project plan that identifies expected outcomes, deliverables, timelines and milestones.
• Produce a project budget:
  • Describe all eligible expenses for the duration of the project,
  • Identify potential funding sources and provide proof of any confirmed funding sources.
• Outline a comprehensive commercialization strategy.
• Disclose and address any potential ethical considerations regarding use of human subjects, potential impact on the environment, etc.
• Outline the potential gain (or use) of any intellectual or material property protected by copyright or patents.
• Disclose partnerships with Island institutions/corporations relevant to the proposed project.
• Outline the utilization of products/services produced on PEI.
• Describe the economic impact the project will have on the Province (jobs, economic spin-offs, etc.).

Eligible Activities:

Eligible activities may include (but are not limited to):

• Final stage product or process testing and refinement.
• Intellectual property development/protection.
• Development of a marketing strategy.
• Nutritional/Compositional analysis.
• Modifications to production facilities.
• Commercialization activities.

Other Considerations for Eligibility:

• If the application is dependent on the results of an existing project that has not been completed, funding from this program will not be released until proof of project completion is provided.
• Applicants who have received previous provincial government funding are eligible; however, the proponent will have to provide additional information to ensure project activities and results are clearly differentiated.
• Contribution guidelines from other agencies involved in the project should be considered. The applicant must ensure compliance with all other funding sources when establishing the budgetary requirements for the project.
• Applicants may be required to submit financial statements to Innovation PEI prior to contract negotiations.
• Applicants are allowed to submit one application for each round of funding.
• Applicants in arrears with any Government Department or Crown Corporation will be disqualified.
• Provincial government employees are ineligible as applicants.

Project Assessment:

Each proposal will be evaluated by the Program Officer before the peer review committee is formed. Projects that are deemed ineligible for further evaluation will be removed from the competition. Written notification of this withdrawal will be forwarded to the applicant(s). Applications moving to the second stage of the review process will be evaluated through a peer review process. The peer review will consist of researchers and professionals from across Prince Edward Island who will meet to determine the successful proponents. Applications under the Development and Commercialization Fund will be evaluated against a clear set of program criteria using information contained in the proponent’s submitted application. If, during the review process, a change to corporate structure or confirmation of a partner or financial contributor occurs, Innovation PEI may agree to accept additional documents or information after the due date. This determination will be made by Innovation PEI

Level of Assistance:

Approved projects will be eligible for up to $100,000 in funding for expenses directly tied to the approved project, calculated at no more than 50% of total eligible expenses. Eligible expenses include salaries, direct material, sub-contracting services, equipment costs of up to $25,000, indirect costs and in-kind labour can total no more than 20% of direct costs. Ineligible costs include insurance, phone lines, internet charges, goodwill, property tax, and other taxes (these lists are not exhaustive).

Performance Monitoring:

For each approved project, a letter of offer stating the terms and conditions of approval will be forwarded to the applicant or corporate contact. When accepted, the letter of offer shall constitute a contract between government and the applicant(s).

Funding will be provided to successful applicants in installments. One third of the approved funding will be provided upon signed confirmation of the terms and conditions of the agreement as represented in the letter of offer. The balance of the approved funding will be paid as project milestones are reached and appropriate documentation is provided as stipulated in the letter of offer. Innovation PEI will be responsible for the administration of the letters of offer and distribution of the funds to successful applicants.

Should the project fail to comply with the terms and conditions of the contract or be discontinued, government may at its sole discretion:

• Declare the applicant to be in non-performance (default) of the contract.
• Request the applicant to repay in full the incentive received.
• Take necessary legal action to collect the incentive amount in full with interest.

Intake Deadline:

The intake deadline for full applications will be January 20, 2012 at 5:00 p.m. Applications will not be accepted after the due date and extensions will not be considered.

For More Information:

Applications and instructions are available online or can be obtained by contacting our office.

For specific questions or inquiries regarding the program, please contact:

Cody Clinton
Project Assistant, IPS Programs
Innovation PEI
(902) 620-3441
ceclinton@gov.pe.ca