More than ever before – we need to focus on innovation to strengthen and diversify our industries and our economy.
To enable this focus, Advance Queensland – an initiative of the Queensland government – has recently announced the 7th round of the Ignite Ideas Fund. This initiative supports Queensland based small to medium businesses with high-growth potential, who are ready to undertake commercialisation projects that will take highly innovative new products or services, which have already reached Minimum Viable Product (MVP) stage or beyond (ideally tested with potential customers as proof of concept) into the market for the first time, or into new markets.
Funding received by successful applicants from previous rounds has delivered new products and services and created new jobs in sectors such as agriculture, finance, health, data technology, mining, manufacturing and retail. Could funding support be the game-changer for your business?
There are two tiers of funding available under the Ignite Ideas Fund:
Up to $100,000 (excluding GST) for projects of up to 12 months duration.
Greater than $100,000 and up to $200,000 (excluding GST) for projects of up to 24 months duration.
Who is eligible?
To be eligible for funding, applicant organisations must:
- be a business or start-up organisation headquartered in Queensland as at the application closing date
- be registered for GST as at the application closing date
- have a product / service which has a Minimum Viable Product or beyond, which has ideally been built, tested / trialled with potential customers during proofs of concept
- have no more than 50 full-time-equivalent employees
- not be a subsidiary of a group of companies that has more than 50 full-time-equivalent employees in total
- not have received funding for the proposed project activity from either the State, Federal or Local Government
If applying for Tier 1, the applicant organisation and/or related parties must:
- not have received an Ignite Ideas Fund grant previously
- make a cash contribution to the project that is at least equal to 20% of the value of funding sought.
If applying for Tier 2, the applicant organisation and/or related parties must:
- not have received an Ignite Ideas Fund Tier 2 grant previously
- have successfully completed any project funded under Tier 1 of the Ignite Ideas Fund (if relevant)
- make a cash contribution to the project that is at least equal to the amount of funding sought
- have been registered with the Australian Securities and Investments Commission (ASIC) prior to 1 July 2018
Organisations and their related parties are limited to one application per funding round.
Want to know more?
More information about the fund, guidelines and answers to frequently asked questions can be found on the Advance Queensland website.
Don’t delay – to apply for the Ignite Ideas Fund, you’ll need to lodge an Expression of Interest by 10am, Thursday 16 July 2020.
From there – applicants will then be notified of the Expression of Interest outcome within approximately 8 weeks of the closing date, and shortlisted applications will be invited to submit a Full Application for consideration, three weeks after receiving the invitation.
Want some help?
Contact our R&D experts in Queensland – Alex Cheung and Dean Steer – to discuss how we can help you to grow your big ideas.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.