Ignition Fund
The Ignition Fund is a competitive based innovation fund for entrepreneurs seeking start-up capital for a new business venture. Innovation PEI will invest seed capital that will allow the successful applicants to turn venture ideas into tangible, viable businesses.
This initial investment is expected to leverage additional funds to support the project. Applicants must ensure that employment agreements allow for participation in this program and for the development of new products and services.
Eligibility
Entrepreneurs committed to establishing and operating a new business venture on PEI may apply. The applicants must be the founders and majority owners of the business. The product or service developed must have potential to be sold outside Prince Edward Island.
Successful projects will have business management and operations located in Prince Edward Island.
Successful applicants 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 which has already received an Innovation and Development Labour rebate is not eligible for support from the Ignition Fund.
Projects which have already received support from any of the following are ineligible:
- 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
What activities are eligible for funding?
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
- refinement
- marketing and market research
- intellectual property
- business development
- capital purchases
What level of assistance is available?
Innovation PEI will award up to $25,000 to a successful applicant. A matching contribution is not required.
Application Process
- Submit an application to Innovation PEI, by providing details from to Sections 1 and 2 of the Application Form including:
- A one-page summary of the proposed product or service;
- 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 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.
- 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 agreements.
- 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.
Applications submission details:
- Application deadline is 1:00 p.m. (Atlantic Time) on Friday, October 9, 2020.
- Extensions will not be considered.
- Applications will be formatted into one (1) Microsoft Word or Portable Document File (.pdf) and submitted by email to IgnitionFund@gov.pe.ca
Evaluation of 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.
Schedule
Call for applications: August 28, 2020
Deadline for applications: October 9, 2020
Review complete: Week of October 26, 2020
Pitch sessions: Week of November 16, 2020
Results announced: Week of November 30, 2020
Information Sessions
Please check back for details on upcoming virtual information sessions.
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.
Contact:
Please direct any questions regarding the Ignition Fund to:
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