Ten Island companies will receive support from the provincial government under the Ignition Fund.
The fund provides grants of $25,000 to existing companies exploring new ideas or new companies in the early stages of development.
Since 2014, the Ignition Fund has supported 38 companies across the province.
Economic Development and Tourism Minister Heath MacDonald says supports for early stage companies and new ideas is crucial to the growth of the provincial economy, job creation and expanded exports.
The successful applicants this year include Exit Speed Inc, Island Aquatech, Redrock Power Systems, Fresh Start Fauxmage, Lighters Candle Company, MacWorth Industries, Taylor Pharmaceuticals, The Bony Broth Company, Fieldetect, and Cradle Technology Design.