If you have no spark check that you got everything wired correctly with the black to black and blue to blue, the white wire should be capped off so it can't short to ground or to the blue wire.
If this is all ok then unplug the blue and black wires and measure the resistance of the mag coil, you should read around 350 ohms across the blue and black wires coming out of the engine, if not then pull the magneto cover and make sure the other end of the black wire is securely grounded and make sure the wires aren't broken or that the blue or the white wires are shorted to ground, the blue and the white wire can not touch the engine or the frame or they will short out.
if all this checks ok then it could be a bad cdi unit. The spark plug boot is another common problem area as it can break easily on the inside, most of us just use a regular automotive boot and terminal then screw the little metal cap on top of the spark plug so the wire will snap onto the plug. The factory plug boot has a poor contact to the plug as it is.
One more thing to check is your plug gap, if it's too big it won't fire, or won't fire strong enough to light the fuel. The plug can also become oil fouled preventing it from firing, or the gap could be shorted to the ground electrode if the plug was dropped or the piston hit the end of the plug for any reason. Set your plug gap to .024" to .028", these ignitions aren't very strong so closing the gap down to .024" can help. The factory plugs are also pretty much junk so using an NGK plug is recommended for reliability. I zalso use Autolite #275 plugs on my new engines and during tuning since they're cheap but reliable. There's no need for an expensive iridium plug on these engines, but you can use a platinum plug for more reliability and longer life after all tuning is done. The iridium plugs will work and last a really long time but will not give any performance gains contrary to what the guys selling them like to say...
Right now some other members have been noticing that there have been a lot of cdi failures recently so it is very possible your kit came with a defective one, these tend to not fire unless the engine is spinning really fast, so you may try just swapping out the cdi u it for another one and seeing if it'll start. If there is a bad batch of the new cdi units causing the engine not to start, you could get a screaming roo unit for around $20 and problem solved, there are other aftermarket cdi units but the screaming roo unit is both reliable and inexpensive, you can get one of these from pedalchopper.com or crmachine.com if this is the problem. They also make a matching mag coil if this is what's not working but so far the factory mag coils have been good for the most part. There are other aftermarket cdi units out there that are far more reliable than the stock unit but they all cost considerably more.
One more thing to consider is your fuel mix, 16:1 is way too much oil, even for break in. It's been proven perfectly safe to run 24:1 or even 32:1 during break in, the 16:1 mix could be oil fouling the plug stopping it from firing.