Applications now open for 2021 Ignition Fund

Applications are now open for Innovation P.E.I.’s 2021 Ignition Fund competition.

In a September release, provincial officials said the fund offers up to $25,000 to launch or expand a business in P.E.I.

A previous recipient of the Ignition Fund, Chelsey Lake of Lake Designs, said the fund was important in allowing their business to solidify their product and expand their team.

“Having the assistance from the Ignition Fund at an early, key stage in our growth helped pave the way for us to succeed. We couldn’t be more grateful,” said Lake.

Due to former applicant feedback, the Ignition Fund has made changes going into 2021. Now, instead of one yearly round of funding, there will be two.

The second round of funding will be launched in the spring of 2022. A coach will be available for applicants who make it to the next stage to help prepare their business pitches.

Officials said applicants must be committed to establishing and operating a new business in the province. Projects will be judged on their innovation and potential economic impact on the Island.

Applicants are encouraged to discuss their projects with an Innovation P.E.I. business development officer or attend one of the information sessions, noted the release.

For information on the sessions and how to apply, visit princeedwardisland.ca/en/information/innovation-pei/ ignition-fund.

The deadline for applications is Oct. 25.