Ignition Fund

2016 Ignition Fund Recipients

Ignition is a competition for entrepreneurs seeking start-up capital for a business venture. Innovation PEI will invest seed capital for the successful applicants to turn venture ideas into tangible, viable businesses.

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 successful 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:

  • incorporation
  • product development
  • refinement
  • market research
  • intellectual property
  • business development

What level of assistance is available?

Innovation PEI will award up to $25,000 to a successful applicant. A matching contribution is not required.

What is the application process?

  1. Submit an application to Innovation PEI.  Full details are found in the application form and include:
    • 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 the potential for additional investment.
  2. An evaluation committee will review your application.
  3. 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 agreements.
  4. If your application moves to the next stage you will be invited to pitch your idea to the committee. A question and answer session 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?

Successful applicants to the Ignition Fund will receive a contract which 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 an advisory/mentorship board for your business and founders.
  • Restrictions pertaining to public award details.

Want to learn more?

Free information sessions are planned to take place across the province including:

  • Alberton: 10:00 a.m. May 31, 2017, Rural Action Centre, 455 Main Street, Alberton, PE
  • Central Bedeque: 10:00 a.m. May 25, 2017, Rural Action Centre, 106 Linkletter Avenue, Central Bedeque, PE
  • Wellington: 1:30 p.m. May 31, 2017, 48 Mill Road, Wellington, PE
  • Summerside:1:30 p.m. May 25, 2017, Access PEI, 120 Heather Moyse Drive, Summerside, PE 
  • Souris: 10:00 a.m. May 29, 2017,  Rural Action Centre, 15 Green Street, Souris, PE
  • Montague: 1:30 p.m. May 29, 2017 Rural Action Centre, 540 Main Street, Montague, PE
  • Charlottetown: 12:00 p.m. June 2, 2017 StartUp Zone, 31 Queen Street, Charlottetown, PE

You are encouraged to sign up for your session of choice above.  If you are unable to attend but would like more information on the Ignition Fund, please contact Heather Rossiter using the details below. 

Schedule

Call for applications:             Wednesday, May 10, 2017 
Deadline for applications:     Friday, July 14, 2017 (Closed)
Review complete:                 Friday, August 18, 2017 (Completed)
Pitch sessions:                     Week of September 4, 2017 (Completed)
Results announced:             Week of September 25, 2017 (Completed)

Please note that the Review, Pitch and Results dates may change due to the volume of applications.

Confidentiality

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. 
 

Application Submission Details

Deadline for applications is 1:00 p.m., Friday, July 14, 2017.  Unfortunately, extensions will not be considered.

Applicants must submit one hard copy and one electronic copy of your submission.

Applications must be submitted before any financial or legal commitment is made to a project.

Please direct applications to or questions regarding the Ignition Fund to Heather Rossiter at the details below. 

 

Contact Information

Heather Rossiter, MBA  
Business Development Officer

Email:    hlrossiter@gov.pe.ca 
Phone: (902) 368-5125

94 Euston Street, PO Box 910
Charlottetown, PE     C1A 7L9
Telephone:     (902) 368-6300
Facsimile:       (902) 368-6301
Toll-free:       1-800-563-3734

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

 

*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies.  Not all projects meeting the minimum assistance criteria outlined will receive funding.  Please consult with an Innovation PEI staff member for guidance specific to your company's situation. 
Published date: 
March 15, 2016
Innovation PEI

General Inquiries

Innovation PEI
94 Euston Street
PO Box 910
Charlottetown, PE   C1A 7L9

Phone: (902) 368-6300
Toll-free (North America): 1-800-563-3734
Fax: (902) 368-6301

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innovation@gov.pe.ca