Ignition Fund

Ignition is a competition for entrepreneurs seeking startup funding. Applicants will compete for capital awards to start or expand their business. With this investment of seed capital, entrepreneurs can develop their ideas into tangible and viable businesses.

Who is eligible for the Ignition Fund? 

To be eligible to apply: 

• projects must be committed to establishing and operating on PEI;
• the product or service developed must be innovative or unique and have strong export potential; and
• the project must not have already received a PEI Labour rebate from Innovation PEI;

Ineligible applicants include: 

Projects have received support from any of the following:

• Food Xcel - Food Island Partnership;
• Concours des Dragons – RDÉE Île-du-Prince-Édouard;
• Ignition Francophone – RDÉE Île-du-Prince-Édouard;
• Previous rounds of Innovation PEI’s Ignition Fund.

A business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.

What activities and costs are supported?

The fund can support activities associated with the start-up of the proposed business or product development costs.  Some activities eligible for support under the Ignition Fund include, but are not limited to:

• professional and consulting services (i.e. incorporation, legal services, etc.);
• product development and refinement;
• marketing and market research;
• intellectual property;
• business development; and
• capital purchases.

What level of assistance is available?

Innovation PEI(link is external) will award up to $25,000 to each successful applicant.  A matching contribution is not required.

What criteria are used to evaluate applications?

Not all projects meeting the minimum criteria will receive funding.  An application is considered to be complete and received when all required information has been submitted to Innovation PEI.

Innovation PEI reserves the right to deny a grant application or request for payment if it suspects or detects fraudulent intent.

Applications will be evaluated against a clear set of criteria using the information provided in the application and the following considerations:

• experience of the founders and management team;
• proposed product or service;
• market value and potential uptake; and
• business growth.

Performance Monitoring

Successful applicants to the Ignition Fund will receive a contract that will outline requirements including:

• submitting invoices and receipts of eligible expenses associated with the project;
• providing regular progress reports to Innovation PEI;
• creating or participating in an advisory/mentorship board for your business and founders; and
• restrictions pertaining to public award details.

What is the application process?

• submit an application to Innovation PEI, by providing details from Sections 1 and 2 of the Application Guide including:
  • an overview of the proposed idea including competitive advantages and disadvantages, innovation, and market need;
  • a description of the founders and management team;
  • a market analysis that clearly defines your target market, sales and marketing strategy, level of competition and advantage in the market, and your revenue model;
  • statement of work outlining the development of work over the next year including milestones and timeline; and
• an evaluation committee will review your application.
• only those directly involved in the evaluation process will have access to your submission. Each reviewer is subject to non-disclosure and conflict-of-interest agreement.
• if your application moves to the next stage you will be invited to pitch your idea to the committee. Additional support will be available for those invited to pitch. A question and answer session will follow your fifteen-minute pitch.

What are the application submission details?

• deadline for applications: Monday, October 21, 2024, at 1:00 pm ADT  
  • extensions will not be considered.To encourage to establish and operate a new business venture in PEI

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