Start-up businesses can apply to Ignition Fund

Applications are now open for Innovation PEI’s 2021 Ignition Fund competition, which offers up to $25,000 to launch or expand a business in Prince Edward Island.

Chelsey Lake of Lake Designs, a previous recipient of the Ignition Fund, says the fund was instrumental in allowing their business to solidify their product and expand their team. 

“We’ve been able to grow our company from two to nine staff members, secure investment capital and mentors, and expand our sales and marketing reach,” says Lake. “Having the assistance from the Ignition Fund at an early, key stage in our growth, helped pave the way for us to succeed. We couldn’t be more grateful!”

Based on feedback from past applicants, some changes have been made to the Ignition Fund this year. Now, instead of one yearly round of funding, there will be two. The second round of funding will be launched in the spring of 2022. In addition, a coach will be available to applicants who make it to the next stage to help prepare their business pitch.

The Ignition Fund is a competitive based fund for entrepreneurs seeking start-up capital for a new innovative business venture or to develop and launch a new innovative product. Applicants must be committed to establishing and operating a new business in this province. Projects will be judged on their innovation and potential economic impact for Prince Edward Island.

Applicants are encouraged to discuss their projects with an Innovation PEI Business Development Officer or attend one of the information sessions. Information on the sessions and how to apply can be found at Ignition Fund.The deadline for applications is Monday, October 25, 2021.

“I always say some of the best ideas can come to life with a little help. The Ignition Fund really helps turn business ideas into reality, and we’re very proud to support that. To all Islanders out there with a start-up business idea, we want to hear from you, so please don’t hesitate, and apply today!”

- Economic Growth, Tourism and Culture Minister Matthew MacKay

The Ignition Fund is one way the provincial government supports entrepreneurs with new ideas, together with the Startup Zone, Launch Pad, micro loans, and others.

Media contact:
Hillary MacDonald
Department of Economic Growth, Tourism and Culture

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