Product development fund
Formerly known as Capital and Assets, the Product Development Fund supports tourism growth through asset and experience enhancement, development and diversification, as well as new start-ups. Funding will be distributed across three streams:
- Growth provides up to $500,000 to renovate or revitalize existing infrastructure, scale up capacity, or develop a new product or service (minimum 50% fund matching required).
- Innovation provides up to $125,000 for new assets to diversify products and experiences.
- Incubator provides up to $75,000 to new tourism businesses with strong growth potential in operation for at least six months. This is a new funding stream designed to better support tourism entrepreneurs and start-ups in the early stages of their journey.
In addition to the Cooperative and Product Funds, a Community Investment Fund was created this year to empower local organizations to take a more strategic approach to destination development. Travel Alberta will be working with key NorthStar and Constellation DMOs (destination marketing organizations) to help align each region’s specific tourism development opportunities with Bootstrap priorities. This fund is limited to NorthStar and Constellation partners only.
For more information on the program, eligibility requirements and to apply for the Cooperative Investment and Product Development Funds.