Government of Newfoundland and Labrador

The Government of Newfoundland and Labrador, primarily through its Department of Industry, Energy and Technology (IET) and the Crown corporation known as the Innovation and Business Investment Corporation (IBIC), provides strategic funding to foster economic growth and diversification within the province. These entities offer various programs that distribute grants, non-repayable contributions, and loans to support private sector investment, business growth, innovation, and R&D, rather than acting as a traditional equity investor. The IET is the lead government department for economic development, while the IBIC is responsible for making strategic funding investments in innovation and business growth.