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Innovation PEI is Prince Edward Island’s lead economic development agency, operating under the Government of Prince Edward Island. Strategically positioned to stimulate economic growth, Innovation PEI plays a pivotal role in fostering entrepreneurship, supporting business expansion, and promoting global trade for local enterprises. With a robust suite of financial incentives, business advisory services, and sector-specific support programs, the agency has established itself as a cornerstone of the province’s economic advancement.

Core Business and Mandate

Innovation PEI’s core mandate is to strengthen and diversify Prince Edward Island’s economy by supporting innovation, productivity, and global competitiveness. The agency is responsible for the design and implementation of economic policies and programs that assist businesses in a range of sectors including biosciences, information and communications technology, aerospace and defense, renewable energy, manufacturing, and creative industries.

Programs and Services

Innovation PEI delivers a comprehensive portfolio of programs to businesses and entrepreneurs, categorized into several major areas:

• Business Support Programs:

  • Capital Acquisition Assistance: Provides non-repayable funding to assist with the purchase of capital assets.
  • Ignition Fund: Offers up to $25,000 in funding for early-stage startups with high growth potential.
  • Export Trade Assistance: Helps companies explore and enter international markets.

• Financial Incentives:

  • Equity Investors Incentive: Encourages private investment in PEI-based companies by offering a refundable 35% tax credit.
  • Enriched Investment Tax Credit: Supports companies investing in manufacturing and processing equipment by offering tax incentives.

• Cultural Development Initiatives:

  • Community Cultural Partnership Program
  • Art Bank Acquisition Program: Government purchase of artwork from Island artists to support the local arts economy.

• Trade and Export Services:

  • Global Trade Services: Offers market entry support, mentorship, and financial assistance for businesses targeting global expansion.
  • Export Enhancement and Diversification Fund: Supports export-related projects aimed at increasing international sales.

Specialisation and Core USP

Innovation PEI’s unique value lies in its sector-specific specialization and deep-rooted local knowledge, combined with the strategic leverage of government resources. Their ability to offer a diverse mix of non-repayable contributions, tax credits, and consulting services positions them as a one-stop hub for business development on Prince Edward Island.

Financials and Economic Impact

While Innovation PEI operates as a government agency and does not publish standalone financial statements, its economic impact can be derived through government budget allocations and reported outcomes:

• In 2022, the PEI government allocated over $37 million to support Innovation PEI’s business development activities.
• The Ignition Fund has funded over 180 startups since inception, injecting over $4.5 million into early-stage businesses.
• According to PEI Budget 2023, over 600 businesses benefited from Innovation PEI programs in the past year.

Shipment and Trade Records

Through its Global Trade Services and Export Trade Assistance, Innovation PEI-supported companies have made significant inroads in international markets. Although exact shipment numbers are proprietary to individual businesses, the agency has reported:

• More than 150 export-focused companies assisted annually.
• Export-related funding exceeding $2 million disbursed in the last fiscal year.
• Key export destinations include the United States, Europe, and Asia, supporting PEI’s broader trade strategy.

Target Market and Sectors

Innovation PEI targets a wide spectrum of sectors crucial to PEI’s economic strategy, including:

• Advanced Manufacturing
• Biosciences & Health Innovation
• Aerospace & Defense
• Agriculture & Agri-Food
• Renewable Energy
• Creative & Cultural Industries
• Technology & ICT

The agency supports startups, SMEs, and established enterprises looking to scale, modernize, or enter international markets.

Capabilities

Innovation PEI offers a range of capabilities including:

• Customized business advisory and mentorship services.
• Strategic financial planning and funding support.
• Market research and export readiness evaluations.
• Networking and partnership development across public and private sectors.
• Access to provincial and federal government incentives.

Certifications and Compliance

As a government-affiliated agency, Innovation PEI operates under strict governance protocols and adheres to public accountability standards as outlined in the Financial Administration Act of Prince Edward Island. It also follows rigorous program evaluation and performance measurement frameworks to ensure effectiveness.

Testimonials and Client Feedback

Innovation PEI regularly features success stories of its funded companies across its social media platforms and government publications. Notable examples include:

• Island Water Technologies: Supported through Capital Acquisition and Export Assistance programs, now operating in international water treatment markets.
• North Atlantic Organics: Leveraged the Ignition Fund to scale up organic fertilizer production and enter new export markets.

These client stories reflect the agency’s ability to provide targeted and impactful support to businesses at various stages of development.

Major Achievements

• Facilitated the launch of over 180 startups through the Ignition Fund.
• Contributed to record-breaking export growth for PEI, which reached $1.6 billion in 2022, a significant portion driven by Innovation PEI-assisted companies.
• Recognized as a key partner in the establishment of the BioAlliance, a cluster of biotech firms now employing over 2,200 people in PEI.

Innovation PEI continues to drive economic transformation in Prince Edward Island by bridging the gap between opportunity and execution for businesses through robust support, expertise, and public-private collaboration.