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    PEI annual report by InnovationPEI

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    PEI annual report by InnovationPEI

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    12 views38 pages

    2020-21 Innovation Pei Annual Report

    Uploaded by

    neggbird
    PEI annual report by InnovationPEI

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 38
    innovitionpei ANE erate REPORT FISCAL YEAR 2020-2021 TABLE OF CONTEN Contents Ministers Message 1 (Chief Executive Officer's Messe 2 Government Entity Overview 3 Key Indicators 6 Manda 7 Lines of Business 8 ‘Summary ofthe steatgie plan and future direction ° Highlights ane Accomplishments 0 Organizational Structure 2 Boa of Directors a “ ial Sotements ‘Contact font INNOVATION PEI Minister’s Message ‘THE HONOURABLE ANTOINETTE PERRY Lieutenant Governor of Prince Edward Island ‘May It Please Your Honour: Pursuant to the Annual Reporting Framework ofthe Financial Administration Act governing ‘Crown Corporations, 1am pleased to present to you, the Annual Report of Innovation PEI for the fiscal year ending March 31, 2021 Sincerely Yours, (iler Hy Hon, Matthew MacKay Minister of Economie Growth, Tourism and Culture ‘October 15,2021 Page | INNOVATION PEI Chief Executive Officer’s Message ‘TO THE HONOTIRARTF MATTHEW MACKAY. Minister of Beonomic Growth, Tourism and Culture Province of Prince Edward Island ease accept the Annual Report forthe fiscal year ending March 31, 2021, in accordance with the Innovation PEL Act. ‘The Prince Edward Island economy persevered throughout the 2020-2021 fiseal year, despite the continued impact ofthe COVID-19 pandemic, Innovation PEI was proud to be part of the supports and programming provided to PEI businesses as they navigated changing restrictions and regulations, ‘As we move forward into post-pandemic economic recovery, Innovation PEI will help drive ‘economic success by enabling the growth of strategie sectors, aceleraing entrepreneurship, ‘responding to Island business needs, and fostering an internal culture of operating excellence. With direction from your Department, Cabinet and our private sector Boatd af Directors, Innovation PEI will continue to support the growth, diversification and strength of our ‘communities inthe 2022-23 fiscal year Respectfully submitted, Stefanie Corbett Chief Executive Officer ‘October 15, 2021 Page 2 INNOVATION PEI Government Entity Overview Innovation PEE isa erown corporation under the Ministry of Heonomic Growth, Tourism and ‘Culture and is the lod ecanemie developmen! agency forthe Province of Prince Fadward Island. Innovation PEI is committed to fostering strategic partnerships with industry, academia, an other government agencies to develop a more prosperous and vibrant Island economy that provides sustainable employment opportunites for Islanders. ‘Acting as a key entry point for entrepreneurs and small to medium-sized firms pursuing business development initiatives, Innovation PEI offers a numberof business-related supports and services to help start and grow a business, invest in PEI, or export goods and services across Canada and around the plobe. The corporation strives to reward excellence in business ‘while celebrating our traditional values of faimess and transparency. Innovation PE also has a highly capable team to support our vibrant ats and culture ‘community, working with cultural onganizations and creative industry associations fo provide initiatives that promote and encourage professionalization, organizational capacity, and ability to.expand services, access fo taining, and artistic experimentation, Innovation PEI has a staff of 47. Business Development Officers are located across the province in offices in Alberton, Charlottetown, Montague, Souris, and Summerside, ‘Mission Innovation PEI’s mission isto drive economic success in Prince Kdward Island. The corporation has five divisions, and one subsidiary. Each division has its own focus, and all divisions work closely to optimize results and deliver value to clients and the residents of Prince Fdward Island. Business attraction “The Business Attraction division is responsible for attracting business investment and foreign diteot investment to Prince Edward Island inthe strategie sectors of serospace, bioscience, information technology and clean technology’ renewable energy. The division works with strategie partners including the PEI BioAlliance, Slemon Park Corporation, the City of ‘Summerside, the City of Charlatetown, and Global Affairs Canada / Invest in Canada in Page NNOVATION PEI promoting Prince Edward Island as a business location. In addition, the division is responsible for the management and operation of the LaunchPd PEI Program and the administration of | the Start-Up Visa Program through LaunchPad PEI. “The vieion for the division ato be the most responsive and clicnt-focused business atraction ‘nit in Canada, Success will be measured by its ability to ereate new employment postions ‘within PEI's emerging sectors in addition to new business investments and startups, multi- national company expansions, Provincial return on investment of projects, impact in the province, and strategic importance. Business Development and innovation ‘The Business Development and Insovation division supports entrepreneurship and business growth within PEL, This division is very client focused and partners with industry and other stakeholders to enhance programs, services, and financial incentives that enable business srowth and success, In addition to administering financial assistance, the division works Closely with industry and academia to creat a thriving, entreprencurial, innovative and ‘connected ecosystem, ‘The Business Development team works closely with the Global Trade Services, Business Attraction, and Cultural Development divisions to present local business with opportunities to ‘grow through diversification, inerexsed exports and new collaborations CCuftural Development ‘The Cultural Development division is responsible for the implementation of Cultivating Grow A Five Year Action Plan for Culture and Creative Industries. The goals of the division are to build espacity and improve the opportunities in the arts and creative industies in PEL; support the socal and economic growth of eulture in Island communities; and help to share ‘our people and stories with the world through export. The Culture Action Plan will be renewed in 2022, ‘The Cultural Development division works primatily with non-profit industry groups and associations and with cultural organizations that contribute to the economic and socal development of Prince Faward Island. ‘The division also provides direct supports for PEL professional artists The division's soope is province-wide an is commited to diversity and inclusion, Community partners, other Provincial government departments, and other levels of Page INNOVATION PEI goverment are also key partners fr the division, which often work together to leverage resources that support the arts and creative industries Global Trade Services ‘The Global Trade Services division is mandated to grow revenue created from export sales, and works closely with Prince Edward Island companies to help them become export-ready by “supporting businesses to seek new opportunites for their products and services around the ‘wotld, The division provides macket specific information, training workshops, funding, and in-market support for eompanies pursuing export opportunites. Growing PEI exports is ssceomplished via a three-fold approach: inerease the number of PEI export companies, diversify export markets and grow export revenues. “The Global Trace Services team works closely with the Business Development and Business Attraction, and Cultural Development divisions to develop incremental and new export channels, This division works collaboratively with industry and government to create partnerships that maximize the impact of investments and efforts fo achieve export growth. Bio|Food|Tech BioFoodTech, as a subsidiary of Innovation PEI, provides professional technical services to PEI's food and bioprocessing companies, and continues to move these strategic seetors along the innovation pathway by providing companies new products to market resulting in growth ‘outcomes, BioFoodTech does this by helping companies turn research ideas into marketable prociets through our established “Concept to Pilot to Market” platform. We have 30 years of ‘experience helping companies and entrepreneurs innovate, improve and grow their business. (Our dedicated, experienced staff work with clients to determine their needs and offer solutions ‘that meet chit budgets andl business goals. We provide expertise and assistance a every stage from idea generation to pilot-scale to commercialization of new products. n addition, our “support services, including fully accredited microbial testing laboratory, helps companies by {guarantesing high quality safe products aro shipped to local and export markets. Page S INNOVATION PEI Key Indicators Prince Faward Island's economy felt the effects ofthe COVID-19 pandemic inthe 2020 ‘alendar year, with mixed results across snultipe iadicalors: ‘+ 2020 economic contraction of 3.0 percent (Real GDP By Industry). ‘+ Employment averaged 76,700, a year-over-year decrease of 3.6 per cent or 2,500, ‘+ Unemployment rate averaged 10.4 per cent, sn increase of 1.6 percentage points year- overyear.! ‘+ Total labour income increased by 1.9 per cent over the prior year, Intemational exports reached approximately $ 1,65 billion , a decrease of 3.3 percent lover the prior yea. ‘+ PEL exported goods to 127 countries in 2020 Daring the fiscal year, financial assistance of $36,111,296 was approved to suppart approximately 1,100 business projects, with focus on business improvements, innovations, ‘expansions, and startups. The total value ofthe supported projects was $148,910,583, {Calendar yea static ar wed for consistency in repring ad yeuroveryear comparisons esther sa della naiabilty of monthly statis, 2-547 Annual Saiseal Review, htpsssewgnceedvarditnd eb scl ‘Government of Canad, Trade Data Onlin, ropa for PEI export to al canis Fr ll products Page 6 INNOVATION PEI ion: Values: A vibrant, diverse, and To drive eeonomie uecoas Client focused, Forward rowing Prince Edward in Prince Pawar Island, ‘thinking, Collaborative, Island economy. Results-riven, Accountable, Innovation PEI is focused on creating a vibrant, diverse and growing economy by supporting investment, collaboration, and culture. To achieve this, the corporation operates with the following mandated objectives: Page 7 ‘To work with economic development agencies, including federal and municipal bodies, to develop polices and agreements in support of innovation and economic development in Prince Edward Islands ‘To fiilitate cooperation and communication amongst Government, academia, the reseatch and development community, and the business ecosystem in Prince Edward Island and beyond; "To provide financial assistance and support to businesses and entrepreneurs across the Island in order to create, maintain and expand business activity in Prince Edward Island; ‘To provide business development advice, information, infrastructure and services to the private and publie sectors, and industry associations to assist inthe promotion of innovation, eommercialization, competitiveness, and wealth cretion in Prince Edward Island; “To promote strategic partnerships in commercial ventures; To provide leadership inthe prospecting of ofIsland firms in support of strategic sectors and potential new economic sectors: ‘To provide guidance in the research development and implementation of marketing and trade strategies for Prince Pawar Island goods and services; “To continue supporting businesses through the COVID-19 pandemic by adjusting programming INNOVATION PEI Lines of Business Innovation PEI provides financial assistance to many strategic economic sectors on Prince Edward Iland, including bioseiences; aevospace and defewee, foro sid ‘communications technology; eeative and cultural industries; advanced manufacturing ancl processing, including value-added food development and production; renewable energy and

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