Ignition is a competition for entrepreneurs seeking start-up capital for a business venture. Innovation PEI will invest seed capital for the winning applicant to turn a venture idea into a tangible, viable business.
This initial investment is expected to leverage additional funds to support the business. Applicants must ensure that employment agreements allow for participation in this program and for the development of new products and services.
Who is eligible for Ignition?
Entrepreneurs committed to establishing and operating a new business venture on PEI may apply for the competition. The primary applicant must be the founder or majority owner of the business. The product or service developed must have potential to be sold outside Prince Edward Island.
A winning applicant may be eligible for the Skills PEI Self Employ Program and will not be restricted from applying for other Innovation PEI financial supports and services.
A business who has already received an Innovation and Development Labour rebate is not eligible for this competition.
What activities are eligible for funding?
Some activities eligible for Ignition funding include, but are not limited to:
- product development
- market research
- intellectual property
- business development
What level of assistance is available?
Innovation PEI will award up to $25,000 to winning applicant. A matching contribution is not required.
What process will be followed to assess the applications?
- Submit a summarized business plan to Innovation PEI including the following elements:
- A one-page summary (elevator pitch) of the proposed product, service or company;
- An overview of the proposed idea including competitive advantages and disadvantages, innovation, market need and IP option availability;
- A description of the founders and management team outlining the skills, expertise and experience, previous product/business experience, and possible outsourcing/hiring needs;
- A market analysis that clearly defines your target market, sales and marketing strategy, level of competition and advantage over it, and your revenue model;
- Statement of work outlining the development of work over the next year including milestones and timeline;
- Financial outlook describing your use of the award funds and potential for additional investment.
- An evaluation committee (two representatives from Innovation PEI, one from Skills PEI, two external reviewers and a financial analyst) will review your business plan.
- Only those directly involved in the evaluation process will have access to your submission. Each will be required to sign non-disclosure and conflict-of-interest agreements.
- If your application moves to the next stage you will be invited to pitch your idea to the committee. A Q/A will follow your ten-minute pitch.
What criteria are used to evaluate funding applications?
Not all projects meeting the minimum criteria will receive funding. Applications will be evaluated against a clear set of criteria using 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
- Business growth
What are the reporting requirements?
If you receive the Ignition award your contribution contract will outline the reporting requirements which will include:
- Submitting invoices and receipts of eligible expenses associated with the project
- Providing regular progress reports to Innovation PEI
- Creating or participating an advisory/mentorship board for your business and founders.
Want to learn more?
Please check back for updates.
2017 Call for Applications is currently being reviewed.
Members of the evaluation committee must sign non-disclosure and conflict of interest agreements. Only those directly involved in the evaluation process will have access to submissions. Applicants must ensure that employment agreements allow for participation in Ignition and the development of new products and services.
Recipients of the Ignition award will be subject to reporting requirements that will be outlined within the contribution contract. These requirements may include:
- Submission of invoices/receipts of eligible expenses tied to the business
- Regular progress reporting to Innovation PEI
- Creation of, or participation in, an advisory or mentorship board to assist the business/founders
- Restrictions pertaining to public communication of award details
Application Submission Details
Application must be submitted before any financial or legal commitment is made on the project.
Heather Rossiter, MBA - Business Development Officer
Phone: (902) 368-5125
94 Euston Street, PO Box 910
Charlottetown, PE C1A 7L9
Telephone: (902) 368-6300
Facsimile: (902) 368-6301
Applications may be submitted by the deadline to the above address or to any of the following locations:
Rural Action Centre – Alberton, 455 Main Street, Alberton, PE
Rural Action Centre – Central Bedeque, 106 Linkletter Ave, Central Bedeque, PE
Rural Action Centre – Montague, 540 Main Street, Montague, PE
Access PEI – Summerside, 120 Heather Moyse Drive, Summerside, PE
Access PEI – Souris, 15 Green Street, Souris, PE