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Ignition



*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies.  Not all projects meeting the minimum assistance criteria outlined will receive funding.  Please consult with an Innovation PEI staff member for guidance specific to your company's situation.

Ignition is a competition for entrepreneurs seeking startup funding. Applicants will compete for capital awards to start or expand their business. With this investment of seed capital, entrepreneurs can develop their ideas into tangible and viable businesses.

Innovation PEI will award up to $25,000 to the winning applicants. This investment will not require a matching contribution. Eligible costs could include (list not exhaustive):

  • incorporation
  • product development
  • refinement
  • market research
  • intellectual property
  • business development.

This initial investment is expected to leverage additional funds to support the business.

Applicants may be eligible for support under Skills PEI (Department of Workforce and Advanced Learning). Eligibility will be determined by Skills PEI on a case by case basis.

Applicants will not be restricted from applying for other Innovation PEI financial supports and services. Successful businesses who receive support under the Ignition Fund can only do so once. 


Eligibility

Applicants must be a startup in Prince Edward Island or entrepreneurs committed to establishing and operating a new for profit venture on PEI. The primary applicant(s) must be the founder(s) of the business or majority owner; revenue is not required at the application stage. Product and/or services developed must have the potential to be sold outside of Prince Edward Island.

Businesses that have received funding under Innovation PEI’s Innovation and Development Labour Rebate are not eligible for support under Ignition.


Entrepreneur Loan Opportunities


If interested, candidates are also offered the opportunity to have their application forwarded to Finance PEI and Business Development Bank of Canada (BDC) for consideration for a small business loan. Finance PEI’s “Entrepreneur Loan Assistance” provides entrepreneurs with up to $100,000 for use as an investment in a new or existing PEI business. BDC also offers small working capital loans with highly flexible terms and conditions tailored to protect the individual company’s cash flow.

Loan applications will be reviewed by Finance PEI and BDC and as such, must meet each organization’s eligibility requirements. All information shared between Innovation PEI and these loan providers will remain strictly confidential.

Eligible applicants will be contacted directly by Finance PEI or BDC and may be asked to submit additional financial information.

Review Process

To be considered for this award, applicants must complete and submit the Ignition Fund application to Innovation PEI. The application will be reviewed by an evaluation committee consisting of representatives from Innovation PEI.

Following initial review of the application, a certain number of applicants will be selected for the next phase of the review process and will have the opportunity to pitch their idea. Pitches are limited to 10 minutes in duration with a Q/A period afterward. Recipients will be chosen based on the merit of their business plan and their success in the pitch session. 

Applications will be evaluated on the following criteria:

  • Experience and capacity of the founders and management team
  • Proposed product or service - uniqueness and innovation
  • Market value & potential uptake
  • Business growth
  • Business viability

Innovation PEI will not contribute to costs associated with preparing applications.

Note: detailed financial information and projections are not required in the application for Ignition funding. However, if available, they provide a clearer picture of business viability for reviewers. Applicants are encouraged to include as much available information as possible to allow for the fullest description of the proposed business, but those without detailed financial plans should not be discouraged from making an application.


Wan't to learn more?

Available information sessions can be found at the Rural Action Centre Website

Schedule


Call for Applications: May 3, 2016
Applications due:       July 29, 2016
Review Complete:     September 2, 2016
Pitch Sessions:         Week of September 19, 2016
Results Announced:  Week of October 3, 2016

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.
Recipient Reporting

Recipients of the Ignition award will be subject to reporting requirements that will be outlined within the contribution contract. These requirements may include:
  • Submission of invoices/receipts of eligible expenses tied to the business
  • Regular progress reporting to Innovation PEI
  • Creation of, or participation in, an advisory or mentorship board to assist the business/founders
  • Restrictions pertaining to public communication of award details

Deadline for applications is 4:00 p.m. on Friday, July 29, 2016.  Unfortunately, extensions will not be considered.

Applicants must submit one hard copy and one electronic copy of their submission.

Please direct applications for or questions about the Ignition Fund to:


Heather Rossiter, MBA
Business Development Officer
Innovation PEI
hlrossiter@gov.pe.ca
(902)368-5125
94 Euston Street,
PO Box 910
Charlottetown, PEI  C1A 7L9

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