LaunchPad PEI is a non-profit incubator managed by Innovation PEI that supports the growth of innovative companies in Prince Edward Island. LaunchPad PEI is a designated incubator for the Start-up Visa Program and engages a network of partners to offer access to a Business Development Officer, office and/or laboratory space, and other services to assist local and immigrant entrepreneurs to overcome challenges in PEI.
Who is eligible for LaunchPad?
To be an eligible applicant, the business must:
- be a new business starting in Prince Edward Island OR an established business from outside the province intending to actively operate in Prince Edward Island;
- demonstrate the potential to create new jobs and wealth in Prince Edward Island; and
- operates within one of these strategic sectors:
- advanced manufacturing and processing;
- aerospace and defence;
- information and communications technology;
- renewable energy and clean technology; and
- first-of-its-kind exportable goods or services in other sectors may be considered such as:
- battery storage;
- financial technology (FinTech);
- healthcare technology; and
A business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry is ineligible for assistance from Innovation PEI.
New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.
What activities and costs are supported?
An eligible business may access support for eligible costs related to (this list is representative, not exhaustive):
- offsetting operating costs;
- providing ongoing business counselling;
- offering office rental incentive; and
- balancing financial risk.
What criteria are used to evaluate applications?
Eligible businesses that submit a business plan will be reviewed on a first-come, first-serve basis. Not all projects meeting the minimum criteria will be accepted to LaunchPad. Applications will also be evaluated using the following considerations:
- space availability;
- potential for long-term viability;
- export sales;
- qualifications and track records of managers;
- economic benefit to the province;
- availability of assistance funds;
- employment creation; and
- level of assistance from other government programs offered or available.
The project must provide economic benefit to the province of Prince Edward Island.
Innovation PEI reserves the right to deny a grant application or request for payment if it suspects or detects fraudulent intent.
How do I apply?
LaunchPad PEI encourages potential applicants to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process. If the business is not a good candidate for LaunchPad, the Business Development Officer may recommend alternative funding programs.
What do I need to apply?
To complete the application, be prepared to provide detailed business information and supporting documents including:
- an outline of the history and a detailed description of the business;
- existing businesses will need to provide detailed Financial Statements for the previous two years;
- new businesses will need a completed business plan;
- description of the proposed project or activity in relation to the products and/or services delivered by the business;
- detailed description of the economic benefits to the organization and to Prince Edward Island;
- explanation of the businesses current market position and projected market, outlining any increases in market share; and
- a list of all shareholders and key management personnel.
Please direct any questions regarding LaunchPad PEI to:
Stephen Conrad, BBA
Business Development Officer