The newly created Ignition Program invites Island entrepreneurs to competitively apply for business startup funding up to the amount of $25,000, says Minister of Innovation and Advanced Learning Allen Roach.

“Our government has heard from the Island business community that they need support to pursue and develop creative growth opportunities,” said Minister Roach. “The Ignition Program was created in response to these concerns, and will provide an initial investment to increase entrepreneurship within Prince Edward Island.”

Applicants must submit a business plan to Innovation PEI that will be reviewed by an evaluation committee. If the business plan is selected, the applicant will then be asked to pitch their business plan to the committee. In the end, successful applicants will receive up to $25,000 each towards the startup and development of their business venture. Funding may be utilized to support initiatives such as product development, incorporation, refinement, market research, business development and intellectual property.

Innovation PEI will accept applications beginning today through to September 12, 2014. To learn more about the competition, please visit www.innovationpei.com/ignition.

For a list of additional programs designed to support business growth on Prince Edward Island including Self Employ PEI and the Entrepreneur Loan Program, please visit www.innovationpei.com and www.skillspei.com.