The Innovation and Business Development Fund is focused on investments to grow and diversify Newfoundland and Labrador’s oil and gas supply and service capabilities. The fund supports The Way Forward on Oil and Gas – Advance 2030: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry:
The departments of Natural Resources and Tourism, Culture, Industry and Innovation are co-administering the fund, ensuring coordination with the programs of the Innovation and Business InvestmentCorporation.
The Innovation and Business Development Fund is a key mechanism to facilitate the necessary collaboration, investment, and industry growth required to position Newfoundland and Labrador globally as a preferred location for oil and gas development. The key objectives of the fund include:
• facilitate oil and gas supply chain collaboration;
• expand local supply, export and diversification opportunities;
• attract inward investment in areas where there are gaps in innovation, technology and supply chain capabilities and is not duplicating other funding programs;
• improve oil and gas industry competitiveness by reducing costs related to exploration, development, and operations; and,
• contribute to long-term job creation and economic growth in Newfoundland and Labrador.
•Labour costs may include incremental wages and salaries, including new technical, supply chain or market development expertise required for the project to proceed and not available through other programs.
• Other operating costs may include strategic initiatives in support of supply chain opportunities, industry-wide promotion of capabilities, export readiness and market entry strategies, commercial development and demonstration of emerging technologies, and other direct costs specific to the project.
• Capital costs may include specialized equipment, building renovations, and purpose-built supply and service infrastructure.
• Any costs incurred prior to application are not eligible. Specific costs such as proposal development and administrative support are ineligible. Other costs may be deemed ineligible upon project assessment.
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