Innovation PEI is seeking applications from businesses who would like support for innovative projects under the Pilot and Discovery Fund, says Innovation and Advanced Learning Minister Allen Roach.

“This program allows Island businesses and researchers to pursue the pilot stage of their projects,” said Minister Roach. “As the province’s lead economic development agency, Innovation PEI is providing support to help innovators explore the commercial potential of their work.”

Research and development requires up-front costs that can be difficult for small businesses in the Province to cover. In response to this challenge, Innovation PEI released the Pilot and Discovery Fund. This helps bridge the gap between development costs incurred and revenue generation of a commercial-ready product.

Pilot and Discovery Fund support has been offered to 56 projects since the fund was launched in 2008.

Innovators supported under this fund have included Thinking Big Information Systems, Diversified Metal Engineering, Somru Biosciences and PEI Bag Company.

Information on the Pilot and Discovery Fund and the application process is available at www.innovationpei.com/pdfund.

Applications will be accepted until May 30, 2014.