Creating jobs for Islanders -
Operations Manager Gary Compton of Compass Aquaculture Solutions has seen first-hand how the province’s Ignition Fund can help accelerate a business plan.
Compton says his Mount Stewart company is closer to commercializing its shellfish farming management solutions thanks to the Ignition Fund grant it received in 2016. Applications are being accepted until July 14 for Innovation PEI’s 2017 Ignition Fund, which offers up to $25,000 to launch or expand a business in Prince Edward Island.
“The $25,000 grant we received through the Ignition Fund allowed our company to accelerate our time to market with our early adopters and pilot users, while we expanded our client offerings through further research and development of our technology,” Compton said. “Working with Innovation PEI has allowed us to focus on components of our business plan earlier than forecasted such as taking part in more trade shows and conferences to explore potential export markets, joining industry associations, and exploring potential investment and partnership opportunities.”
This is the fourth year for the Ignition Fund, which supported 10 entrepreneurs across the Island last year with start-up and expansion funding. To qualify, applicants should be start-up businesses or entrepreneurs who are committed to establishing and operating a new business in this province. In addition, the products or services must have the potential to be sold outside of Prince Edward Island.
Government’s balanced 2017-18 operating budget allocates more than $34 million in grant support for businesses across the Island. The Ignition Fund is one way the provincial government supports entrepreneurs, together with the Startup Zone, Launch Pad, micro loans, and others.
“The Ignition Fund is an excellent option for businesses looking to turn their new idea into reality,” Economic Development and Tourism Minister Heath MacDonald said. “Prince Edward Island is lucky to have so many visionary, hard-working entrepreneurs, and our government stands ready to help them do great things.”
To apply for the Ignition Fund or for more information, Ignition Fund.
Media contact:
Andrew Sprague
Department of Economic Development and Tourism
902-368-5535
asgsprague@gov.pe.ca