Building Innovation Capacity in Prince Edward Island
GrantID: 15885
Grant Funding Amount Low: $100
Deadline: Ongoing
Grant Amount High: $155,000
Summary
Grant Overview
Capacity Gaps in Prince Edward Island's Innovation Ecosystem
Prince Edward Island (PEI) faces unique capacity gaps in its innovation ecosystem, particularly related to supporting emerging entrepreneurs. As a province with a population of just over 150,000, PEI’s small size often limits access to robust networks, mentorship, and resources that are crucial for business success. The lack of infrastructure available for startups can hinder growth opportunities, a factor made more pronounced by the recent economic impacts of the COVID-19 pandemic which disproportionately affected small businesses.
The existing infrastructure for innovationincluding coworking spaces, incubators, and access to fundingremains underdeveloped compared to other Canadian provinces. Additionally, workforce constraints related to skills and expertise limit the ability for new businesses to thrive. Entrepreneurs often lack the necessary mentorship and guidance, making it difficult to navigate the complexities of starting and growing a business. These constraints create a challenging environment for innovation and economic diversification, critical for PEI’s long-term economic health.
The funding from this grant addresses these capacity gaps through the establishment of an Innovation Hub. This proposed hub will create a physical space for collaboration among educational institutions, startups, and local businesses, aimed at fostering a cohesive and supportive environment for entrepreneurs. The hub will host regular workshops, mentoring programs, and networking events, strategically designed to facilitate the exchange of ideas and resources among innovators in PEI.
To ensure effective implementation, readiness requirements include partnerships with local educational institutions to tailor programs to the needs of entrepreneurs. The success of the hub will be evaluated based on metrics such as the number of new businesses established, job creation, and participant satisfaction with the resources provided. By focusing on building capacity within PEI’s entrepreneurship framework, this grant aims to spark economic growth and innovation, ultimately enhancing the province's resilience against future economic challenges.
Eligible Regions
Interests
Eligible Requirements
