Ignition Fund
$25,000.00
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.
May 13, 2024
Eligibility:
Applicants must:
1. be entrepreneurs committed to establishing and operating a new business venture on PEI,
2. at least one applicant/shareholder must be a Canadian resident or have permanent residency and living in PEI,
3. develop a product or service with potential to be sold outside Prince Edward Island,
4. not have already received an Innovation and Development Labor rebate,
5. not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
Application Steps:
Applicants must:
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:
1. an overview of the proposed idea including competitive advantages and disadvantages, innovation, and market need,
2. a description of the founders and management team, 3. a market analysis that clearly defines the target market, sales and marketing strategy, level of competition and advantage over it, and their revenue model, 4. a statement of work outlining the development of work over the next year including milestones and timeline.
Other Things to Note:
About the author
Maurice
