Established in 2018 by Community Futures Peterborough, and with the support of Fed Dev Ontario, ignite100 is an annual open invitational for the Greater Peterborough Area to encourage business growth and expansion through innovation. The Innovation Challenge is a competition for existing business and provide financial support with access up to one million dollars in investment and support through our partnerships.
Rather than being awarded a “cash prize”, the top three entrants are competing for a 3-year interest free loan with no payments for year one.
· $100,000 (one hundred thousand) in a repayable loan with no interest for 3 years.
· No payment for first year, repayment term and amortization to be negotiated.
· Interest rate is prime plus 2%.
· Interest for 36 months will be paid by Community Futures Peterborough.
· Access of up to one million dollars as a repayable loan(s) or equity position through our partnerships.
*Note: Community Futures Peterborough is required to charge a minimum rate of prime + 2%. and will therefore buy down the interest to 0% for the first 36 months.
1. There is no fee to enter the competition.
2. Each business may only submit one entry. The idea must be for a plan to grow or expand a product or service or productivity efficiency of the business that will produce a sustainable result through revenue growth. All projects must be completed within 12 months.
3. Business must have more than 5 employees but less than 200.
4. Documents that are incomplete will not be considered.
5. Community Futures will request additional documentation for semi-finalists or finalists, such as prior years financial statements, in order to complete due diligence.
6. The decisions of Community Futures Peterborough are final and binding.
7. The information disclosed in an Entrant application are considered of public domain and can be used by Community Futures Peterborough for marketing and publicity purposes. All Entrants must be willing to participate in media interviews and press opportunities.
8. Should a conflict of interest exist, a declaration will be signed by all parties and a secondary judge will make a decision on the selection.
9. Before submitting entries, Community Futures Peterborough urges Entrants to seek independent legal advice regarding the protection of their intellectual property.
11. Community Futures Peterborough reserves the right to seek independent, confidential opinion of third party experts regarding the business viability and evaluation of proposed technology.
The application is a excel document that may be completed or hand written.
Incomplete documents will be rejected.
Applications must be submitted by 5:00pm March 15th, 2019