To support business growth and client development, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced $100,000 in funding for Instrumar Limited through the Business Development Support Program.
Instrumar is a Newfoundland and Labrador-founded engineering and product development company. The company’s proprietary Instrumar Fiber Sensor measures the quality of synthetic fibers such as polyester and nylon as they are being produced, and the company is poised to introduce its distinctive and pioneering products to more audiences worldwide.
Through this funding, Instrumar will undertake a market expansion plan including development of a campaign strategy, asset production and paid media. This project is focused on accelerating Instrumar’s international business expansion, including activities related to business development, marketing, partnership development, product trials, as well as capacity requirements to support customer onboarding efforts relating to converting prospects into permanent customers.
Leveraging the financial support provided by the Department of Industry, Energy and Technology, the company will invest a further $220,163 and has successfully secured federal support for total funding of $339,726 for this expansion project. The funding from the Department will enable Instrumar to develop new partnerships, identify prospects and subsequently turn those prospects into sales.
The province’s fast-growing tech sector employs about 8,000 people and is projected to employ more than 10,000 within the next three years. The Department of Industry, Energy and Technology continues to provide support for companies in the tech sector through financial investment and business support as they help in diversifying the economy while also creating high-quality technical positions.
Quotes
“For more than 40 years, Instrumar has been a key local employer and one of our earliest tech success stories. We are pleased to support them as they work to expand the reach of their market into new territory, while growing their base operations here at home.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“Instrumar greatly appreciates the ongoing support of the Government of Newfoundland and Labrador in advancing our business development efforts. It has helped us to successfully showcase our capabilities at the world’s largest textile tradeshow, and to better reach key customers and prospects around the world. Our technology is leading the industry in improving quality, sustainability and costs for fiber manufacturers, and we thank the Department of Industry, Energy and Technology for its instrumental role in helping us grow.”
Michael Handrigan
Manager of Finance and Administration, Instrumar Ltd.
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Business Development Support Program
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