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Ignition Fund

ByMaurice

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:

1

submit an application to Innovation PEI, 

2

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

Related posts:

PEI Business Registry: Plain English Guide for Prince Edward Island Entrepreneurs
Major Industries in Prince Edward Island: Overview of 8 Top Industries
Employ PEI – For Employers
PEI Start Up Business Grants (2023): Current List of Programs

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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