Deadline: 24-Oct-22
The Government of Prince Edward Island is now seeking applications for the Ignition Fund.
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.
Funding Information
Innovation PEI will award up to $25,000 to a successful applicant. A matching contribution is not required.
Eligible Activities
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.
Eligibility Criteria
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
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.
Evaluation Criteria
- 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.
For more information, visit https://www.princeedwardisland.ca/en/information/innovation-pei/ignition-fund