Ignition Fund

The Ignition Fund is a competitive-based fund for entrepreneurs seeking startup 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.  

Who is eligible for the Ignition Fund? 

To be eligible to apply: 

• 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 applicants include: 

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.

New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.

What activities and costs are supported?

The fund can support activities associated with 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.

What level of assistance is available?

Innovation PEI will award up to $25,000 to each successful applicant.  A matching contribution is not required.

What criteria are used to evaluate applications?

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.

Innovation PEI reserves the right to deny a grant application or request for payment if it suspects or detects fraudulent intent.

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.

Performance Monitoring

Successful applicants to the Ignition Fund will receive a contract that will outline requirements including:

• submitting invoices and receipts of eligible expenses associated with the project;
• providing regular progress reports to Innovation PEI;
• creating or participating in an advisory/mentorship board for your business and founders; and
• restrictions pertaining to public award details.

What is the application process?

• submit an application to Innovation PEI, by providing details from Sections 1 and 2 of the Application Guide including: 
  • 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 your target market, sales and marketing strategy, level of competition and advantage in the market, and your revenue model;
  • statement of work outlining the development of work over the next year including milestones and timeline; and
• an evaluation committee will review your application.
• only those directly involved in the evaluation process will have access to your submission. Each reviewer is subject to non-disclosure and conflict-of-interest agreement.
• if your application moves to the next stage you will be invited to pitch your idea to the committee. Additional support will be available for those invited to pitch. A question and answer session will follow your fifteen-minute pitch.

What are the application submission details?

• deadline for applications: Monday, May 13, 2024, at 1:00 pm ADT  
  • extensions will not be considered.

Once you submit your application you should receive an automatic response. If you do not receive an automatic reply that your application has been received, please contact Innovation PEI at (902) 368-6300.

What is the schedule?

Call for applications: April 15, 2024
Deadline for applications: May 13, 2024, at 1:00 pm ADT 
Finalist determined: May 31, 2024
Pitch sessions: June 20 and 21, 2024
Results announced: July 2024

When are the information sessions?

In-person attendance is limited and will be based on a first-to-register basis. 

Confidentiality

Members of the evaluation committee must sign non-disclosure and conflict of interest agreements. Only those directly involved in the evaluation process will have access to submissions. Applicants must ensure that employment agreements allow for participation in Ignition and the development of new products and services.

Contact:

Please direct any questions regarding the Ignition Fund to Innovation PEI or call (902) 368-6300. 

Please contact David Gamble or Jack Morse for questions about the Ignition Fund or your application.

• David Gamble, Business Development Officer West
  (902) 214-0550
• Jack Morse, Small Business Development Officer
  (902) 969-7778