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. The fund invests seed capital that will allow successful applicants to turn their ideas into a tangible and viable business.
Who is eligible for Ignition Fund?
To be eligible to apply:
- at least one applicant/shareholder must be a Canadian resident or have permanent residency and living in PEI;
- 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.
What activities and costs are supported?
The fund can support activities associated with business 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 will award up to $25,000 to a 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.
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.
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 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 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 in the market, and your revenue model;
- statement of work outlining the development of work over the next year including milestones and timeline; and
- financial outlook describing the 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 agreement.
- 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 are the application submission details?
- deadline for applications: Application period is Closed
- 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
What is the schedule?
Call for applications: To be determined (TBD)
Deadline for applications: TBD
Review complete: TBD
Pitch sessions: TBD
Results announced: TBD
When are virtual information sessions?
Virtual sessions are held online using Cisco Webex Meetings.
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.
Please direct any questions regarding the Ignition Fund to Innovation PEI or call (902) 368-6300.