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Investment program: Product Development

Funding purpose: Develop and diversify assets, programs and experiences of existing operators.

Investment range: Up to $125,000 with 20% fund matching required.

For example, a project budgeted at $150,000 could receive up to $125,000 from Travel Alberta, if the operator provides $25,000 in funding.


  • Creates a new purchasable tourism experience within Alberta
  • Contributes to job creation and economic growth
  • Diversifies the seasonality of product offering for the operation/region
  • Supports the Indigenous tourism sector
  • Supports sustainability practices within the tourism operation

Note: A capital asset is used in a company's business operations to generate revenue over the course of more than a year and is not intended for sale. A business plan for your company is required.

Kelsey's Caravan is one of the only outfitters in Cochrane who offers guided paddleboarding trips, helping Albertans get out on the water, no matter their experience level.

Eligible applicants

• Alberta based tourism businesses
• Indigenous businesses
• Not-for-profit organizations and municipalities with a focus on tourism
• Must have a minimum three years in operation
• Tourism offering must be available for more than 120 days per year

Ineligible applicants

• Organizations under the jurisdiction of the provincial or federal government
• Non-Alberta based businesses
• Applicants whose projects will be completed during the approval process
• Vacation property rentals
• Retail
• Restaurants
• Airports
• Casinos
• Travel Agencies
• Transportation Services (Taxi, limo, and private vehicle rental, leasing or purchase)
• Virtual tourism offerings

How to apply

Application details

Please read all eligibility requirements before applying

  • Lease or Purchase Costs for Equipment: Use the funds to lease or buy equipment that offers new visitor activities not currently available or enhances the existing offerings and visitor experience.

  • Specialized Equipment for a Diverse Market: Invest in specialized equipment that enables your organization to cater to a broader range of people, including those with different physical abilities.

  • Seasonal Temporary or Movable Structures: Improve visitor comfort and enhance their experience with the funds by setting up temporary structures that can be moved around during different seasons.

  • Permits and Licensing Expenses: Cover the costs of permits and licenses needed to expand the variety of activities or experiences you provide.

  • Testing New Experiences: Utilize the funds to pilot and try out new experiences to see how visitors respond.

  • Developing Interpretive Programs: Allocate the funds towards the development of interpretive programs that enhance or create new tourism experiences.

  • Content Development: Create engaging content through photography, videos, and written materials (provide a shot list with your application).

  • Construction and capital costs: This program does not include expenses for constructing buildings or structures, improving leased properties, creating infrastructure, or getting fixed equipment.

  • Replacement, Repair, or Upgrades: You can't use the money to replace, fix, or upgrade equipment you already have.

  • Goods for Sale: The funds can't be used to buy things that you plan to sell in your regular business.

  • Office Equipment: You can't spend the money on things like computers, copiers, phones, and similar office gear.

  • Signs: Expenses for highway, business, or community signs are not eligible.

  • Operating Costs: This funding won't cover everyday costs like managing the business, paying staff, legal fees, or keeping things running smoothly.

  • Vehicles: You can't buy vehicles for the company's regular use or for tours.

  • Fees: Costs like legal fees, insurance, audits, banking fees, and consultant/contractor fees for managing the grant are not included.

  • Taxes: You can't use the money to pay for GST/HST.

Travel Alberta has the last say on what expenses are not eligible, even if they're not mentioned here.

  • Revenue generation
  • Job creation
  • Visitation (domestic and international)

  • A business plan for your company is required.
  • All expenses must be incurred between April 1, 2023, and March 31, 2024.
  • These expenses must be paid to a trusted third party and you have to keep records of them in the financial report.

Expression of Interest (EOI) for Funding: If you want to get financial support for your project, the first thing you need to do is send in an Expression of Interest (EOI).

Submission Period: Check back in early 2024.

Next Steps After EOI Approval: If a Travel Alberta Destination Development Manager likes your EOI and gives it the thumbs up, they will send you a special link. This link will take you to an online application form.

Application Period: If you receive an application link, you can apply from September 12 to October 13.

No Guarantee with the Link: It's important to understand that just because you get the application link from Travel Alberta, it doesn't automatically mean you'll get the funding. If you have any questions about this process, you can send them to

Criteria for Growth Projects: If your project is all about growth, there are a couple of things you need to keep in mind:

  • Your project must be "shovel ready," which means you've already gotten all the necessary approvals, permits, and financing in place.
  • You also need to have secured at least half (50%) of the total money you need for your project.

Travel Alberta's Authority: Travel Alberta has the final say in managing funding requests. They might say no to projects that don't meet their rules or if they have too many requests to fund.

Funding Approval Process: If Travel Alberta approves your funding request, they will send you a Travel Alberta Grant Agreement. 

Getting the Funds: Once everything is set and your project is approved, the money will be sent to you through an Electronic Funds Transfer (EFT). This means the money will go directly into your bank account electronically.

Releasing Funds: After your project is approved, and you've given them all the necessary documents, you will receive the full amount.

Investment Decision Timing: Decisions about who gets the money won't be made until late in the year 2023. So, you'll need to be patient and wait a little while to know for sure.

Apply for innovation funding

Expression of Interest (EOI) for the innovation fund is now closed. Applications for this fund will reopen in early 2024.

If you applied to the fall 2023 intake period, review the application process above to find out what happens next.

Compare the Innovation Fund to the...

Growth Fund          Incubator Fund 
Rural Development & Promotion Fund    Events & Festivals Fund