Ignition Fund

Amount:

$25,000

Type of Program:

Investment

Description:

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.

Comments on Funding:

Funding is up to $25,000 per applicant.
A matching contribution is not required.

When It Ends:

Closed

Deadline:

Next deadlines to be determined

Eligibility:

The applicant must:

be entrepreneurs committed to establishing and operating a new business venture on PEI,
at least one applicant/shareholder must be a Canadian resident or have permanent residency and living in PEI,
develop a product or service with potential to be sold outside Prince Edward Island,
not have already received an Innovation and Development Labor rebate,
not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

submit an application to Innovation PEI,

pitch their idea to the evaluation committee and participate in the question and answer session, if selected.

Documentation Needed:

Applicants must submit an application to Innovation PEI, consisting of:

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 the target market, sales and marketing strategy, level of competition and advantage over it, and their revenue model,
a statement of work outlining the development of work over the next year including milestones and timeline,

Other Things to Note:

The previous intake deadline was on November 7, 2022. Results to be announced on January, 2023

Program Contact:

Ignition Fund