When you think about Prince Edward Island, you probably don’t think about entrepreneurship. But in an effort to grow the economy on Prince Edward Island, Canada, that’s exactly where the islanders have turned.  The island has started a group called Innovation PEI. What this company does is counsel and finance new businesses, provided they are based on Prince Edward Island (PEI). Using some of the same professional development topics we talk about at IEM, they have created what is essentially a scholarship program for small business owners.

According to their website, “Our goal is to build a stronger, more innovative Prince Edward Island by helping businesses create sustainable employment and economic opportunities. In order to achieve our corporate objectives, a series of programs and services – ranging from business counselling to financing — are available to help Island based businesses grow and prosper.”

Their website lists several different programs (view them here) that the company sponsors for PEI. The one I clicked on says that it will give $400,000 over 2 years to eligible small businesses. The idea is to help businesses get started so that the island becomes self sustaining economically.

But the cool thing is that there is this whole company that got started (and all the jobs that they provided because they needed people to help run the new company) by being a business for businesses.

Pretty, well, innovative.