National Research Council Canada-NRC

National Research Council Canada-NRC

October 15, 2014 13:00 ET

Minister Shea Announces Support to Help Innovative Canadian Businesses Grow and Prosper in Prince Edward Island

CHARLOTTETOWN, PRINCE EDWARDS ISLAND--(Marketwired - Oct. 15, 2014) - The Honourable Gail Shea, Minister of Fisheries and Oceans and Member of Parliament for Egmont in Prince Edward Island (PEI), on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), today announced the Government of Canada's investment in Prince Edward Island BioAlliance (PEI BioAlliance), which will help Canada's innovative businesses to grow, prosper and create jobs.

Through the Canada Accelerator and Incubator Program (CAIP), PEI BioAlliance will receive up to $3.8M in funding over the next five years to provide local entrepreneurs with the resources and expertise needed to develop their business plan, seek follow-on financing and new international markets for products and services. This organization plays an important role in preparing early stage companies for successfully accessing investment capital and serves as an invaluable resource for entrepreneurs in developing products for a competitive global marketplace.

Quick Facts

  • On June 20, 2014, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to help outstanding small and medium-sized Canadian enterprises to grow, prosper and create jobs.
  • Delivered by the National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
  • PEI BioAlliance provides cluster leadership and incubator services to companies in PEI, across Canada and around the world.
  • Market targets include products for human, animal, and fish health and nutrition, including cosmetic ingredients, natural health products, feed additives, vaccines, diagnostics, and pharmaceuticals.
  • The PEI Bioscience Cluster includes 40 companies, with over $150 million in annual private sector revenues.
  • The bio-sciences sector employs over 1,200 public and private sector employees on Prince Edward Island.

Quotes

"Today's funding announcement will ensure Prince-Edward-Island's promising innovative start-up businesses have the resources they need to grow, innovate and create jobs here in Charlottetown. By investing in PEI BioAlliance, our government is supporting accelerators and incubators across the country while strengthening our local community's business innovation capacity."

Gail Shea, Minister of Fisheries and Oceans

"The financial support provided by the Government of Canada through the Canada Accelerator and Incubator Program will allow us to attract and assist early stage companies in successfully executing their commercialization strategies, accelerating their growth and bringing their technologies and products to the global marketplace."

Rory Francis, Executive Director, PEI BioAlliance

Related Product

- Backgrounder

Additional Links

- Prime Minister Stephen Harper helps Canadian start-up companies to grow and prosper

- Prince Edward Island BioAlliance

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