Commercialization Program

The Commercialization Program bridges an identified funding and investment gap between product research and product marketing. It provides financial assistance to private sector enterprises for activities leading to the development of innovative, market-ready products and services, including support for technology transfer activities. The program will assist companies in Newfoundland and Labrador that have difficulty securing investment or loans to develop innovative products or services.

Eligibility Criteria

The proposed project activities must demonstrate innovation enhancement consistent with government's innovation strategy -Innovation Newfoundland and Labrador : A Blueprint for Prosperity.

Applications will be considered from incorporated businesses proposing to complete development leading to the commercialization of a new product, process or service.

Eligible Activities

Projects considered under this program must:

• be based in Newfoundland and Labrador;
• be innovative in a post-research stage of product and market development leading to full commercialization; and
• provide confirmation that sufficient investment and funding is available to complete the project.

The applicant must clearly demonstrate:

• a strong potential for sustainable employment opportunities and long-term commercial viability;
• that the project cannot proceed without government participation and financial assistance; and
• that the company’s management team has the required technical, financial, marketing and managerial expertise for the operation of an innovative business enterprise.

Ineligible Activities

Funds from the program cannot be used:

• to support core administration functions;
• to compete with existing local private enterprise; or
• for residential and commercial real estate services, retail, wholesale and consumer-oriented establishments.

Summary

Available Funding

The program will provide assistance of up to 75% of total costs, to a maximum value of $500,000 per project through either:

• a direct equity investment; or
• a conditionally repayable contribution.

For information and assistance:

• call toll-free at 1-800-563-2299
• visit the Department's web site
• visit the regional office nearest you: INTRD - Contacts for Newfoundland and Labrador.