Ignite100 innovation challenge launched
Businesses will vie for a threeyear, interest free loan and access to as much as $1 million as a repayable loan or equity to grow or expand their operation as part of the Ignite100 innovation challenge announced Thursday by Community Futures Peterborough.
Program details were revealed online and at The Venue after a guest speech by Ryerson University innovator-in-residence Dr. Rafik Loutfy, who highlighted disruptive technology expected to shake up the world in the next decade.
Ignite100 is open to all organizations in the city or county that have been in business for more than two years, or any business willing to relocate to the region.
“We’re creating an innovation challenge for existing businesses and we’re going to provide you with financial support with access of up to $1 million in investment through our partnerships,” executive director Gail Moorhouse said.
“We can’t do it all on our own, but we have a lot of partners in this city and we’re going to work to give you want you need to get to the next level.”
Community Futures will pay the interest on the loan — which has a negotiable term of up to 10 years — for the first three years.
Businesses will also not make any payments in the first year.
“That will give you time to develop your project,” Moorhouse said, explaining that winners will pay prime plus 2 per cent after the first three years.
Entrants must apply by March 15 at 5 p.m. Eight semifinalists take part in a presentation lab workshop on April 12 before advancing to the second stage of the process, the pitch, on May 2.
There, they will be given five minutes to present their idea in front of a live studio audience followed by a question and answer period.
Three finalists will be chosen by a panel based on potential economic impact to the region and pitch content, delivery and style.
Stage three will involve private and formal presentations on the projects to the organization’s board of directors on June 18.
The winner will be announced June 27 at the organization’s annual general meeting and community barbecue.
Applications can be downloaded at www.ignite100.ca and emailed to Moorhouse at gail@cfpeterborough.ca or delivered to 270 George St. N Suite 103.
Loutfy spoke about how history shows that technology grows exponentially and how things like 3D printing, robotics and autonomous cars are going to have dramatic impacts on our day-to-day lives.
The biggest disruption will come from the internet of things, a third wave of internet expected to connect more than a trillion devices by 2040 using sensors.
It’s already happening, he said, pulling out his phone to show how he controls the temperature at his home and cottage via products developed by Nest, a company purchased by Google for about $3.2 billion in 2014.