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NLIS 3
August 21, 2006
(Innovation, Trade and Rural Development)
 

Programs encourage innovation in businesses and economic development groups

Trevor Taylor, Minister of Innovation, Trade and Rural Development, today released the details of two programs to encourage innovation in businesses and economic development organizations in Newfoundland and Labrador. The programs, the Commercialization Program and the Innovation Enhancement Program, are part of the province�s innovation strategy, Innovation Newfoundland and Labrador: A Blueprint for Prosperity.

"Innovation improves economic and social well-being by encouraging new ideas, products and services that generate economic activity," said Minister Taylor. "Taking innovative products to market can be risky, however, and may require considerable investment. Government seeks to stimulate innovation in the province by sharing these risks. These two new programs will help companies and organizations undertake innovative activities and help transform those activities into market-ready products and services."

Because of the high risk, funding for innovative new technologies is often difficult to obtain. The Commercialization Program is designed to help take an innovative idea from a prototype to a marketable product. Repayable contributions of up to $500,000 per project are available to eligible companies for product development and pre-commercialization activities. These include patenting, technology and knowledge transfer, and purchase of fixed assets necessary to complete product or service development and pre-commercialization. The program does not provide funding for marketing products or services, or for preliminary research and development.

The Innovation Enhancement Program supports public sector institutions, not-for-profit groups, community organizations and industry associations involved in activities that will enhance the innovative capacity of the province. Non-repayable contributions of up to $250,000 per project will be available to support the development of strategic clusters, public-private research partnerships, and training initiatives that help develop new technologies, products or services.

"In encouraging innovation in the province, it is essential that we maximize the use of our resources including public institutions, such as higher education and research organizations, and the private sector," said Minister Taylor. "With these programs, government acknowledges the difficulty many companies and organizations face in taking innovative products to market. We are responding to that by providing financial assistance and by encouraging the formation of partnerships and the growth of strategic clusters to stimulate new ideas."

For further information on the programs visit the department�s web site at www.gov.nl.ca/intrd.

Backgrounders

Media contact: Lynn Evans, Communications, (709) 729-4570, 690-6290

2006 08 21                                  9:45 a.m.


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