Ignition Fund

By mmuise
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.

Deadline: Applications are closed. Stay tuned for future intake announcements.
Eligibility:

Applicants 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‚Äôs 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:

Applications for the 2023 Fall round of the Ignition Fund are now closed

About the author
mmuise