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other forms of assistance; for example, it may arrange to carry out the analysis required for an environmental permit. Additional benefits may be available from Human Resources Development Canada to support job creation and training. The medical package for the employees is provided by the publicly funded health care system.
Financing also might be available from private venture capital funds. The government would require 20% equity held by investors, including venture capital or "angels." The Island has about 30 investors who might be interested in an enterprise such as this. In-kind contributions might also be considered. If the project matches the Government's strategic plan, they will work hard to make it happen.
Potential exists for partnerships with other local firms. For example, FORTIS, the Newfoundland power utility that recently acquired Maritime Electric, could be approached as a partner. It was described as a good, established company that is not risk-adverse, and it may see wind power either as a cost-cutting advantage for the future or an inevitable development that would be better growing inside than outside the power company. Despite the availability of incentives such as accelerated capital cost depreciation for wind energy installations, however, the company would need to be convinced that this was its best choice for an investment.
Other partnering possibilities include the outsourcers in the aerospace industry, that might see wind power as an extension of their business rather than wishing to serve as a component supplier. Partnership may also be attractive to established firms in the wind business in other places. They may be particularly valuable in recruiting staff.
Recruiting the initial management team will be the greatest challenge. Other businesses at Slemon Park report that PEI faces a barrier to recruiting knowledge workers in that it is small, remote, and not well known. Advertisements in appropriate journals may reach the wind community largely in the United States. Islanders-away may also be a source of dedicated and talented people, and could be approached through Web-site and government contacts.
The wind power industry is at an early critical stage, where the potential market appears unlimited, but the marketing effort is still small. Existing producers still welcome the entry of new competitors because the incremental marketing effort benefits all in an expanding market, and they can be helpful. An early entry by PEI can put it at the forefront of a growing knowledge-based industry with global reach.