Applications are now open for Innovation PEI’s 2019 Ignition Fund competition, which offers up to $25,000 to launch or expand a business in Prince Edward Island.
“The Ignition Fund is an excellent option for businesses looking to turn their new and innovative ideas into reality,” Economic Growth, Tourism and Culture Minister Matthew MacKay said. “This kind of support is crucial to the development and success of our hard working entrepreneurs and I look forward to seeing all the new ideas come forward through this competition.”
This is the sixth year for the Ignition Fund, which supported 10 entrepreneurs across the Island last year with start-up and expansion funding. To qualify, applicants must be start-up businesses and entrepreneurs who are committed to establishing and operating a new business in this province. The products or services must be innovative, and have the potential to be sold outside of Prince Edward Island.
Islanders can apply for the fund at Ignition Startup Fund by July 12, 2019.
Red Island Cider received Ignition funding in 2018 and will open a production facility in Charlottetown on Friday. Owner Robert vanWaarden says the funding helped the company advance its business plan.
“The assistance we received through the Ignition Fund allowed us to purchase fermentation equipment as well as our first batch of raw product and it gave us an opportunity to begin marketing our cider,” vanWaarden said. “It’s safe to say we wouldn’t have been in a position to open a facility this week without the support provided by the fund.”
The Ignition Fund is one way the provincial government supports entrepreneurs with new ideas, together with the Startup Zone, Launch Pad, micro loans, and others.
Department of Economic Growth, Tourism and Culture