Deadline: 7-Jul-22
The Queensland Government is seeking applications for its Ignite Ideas Fund to commercialize highly innovative and new products or services that are at minimum viable product stage or beyond.
This pilot program will provide support across sales and marketing, customer acquisition, competitor analysis, intellectual property (IP)/legal support, financial structure, connections to mentors and sponsors, and access and introductions to business and investment networks.
The Ignite Ideas Fund supports Queensland based small to medium businesses that have high-growth potential to undertake commercialization projects that will:
- strengthen key industries in Queensland
- diversify the Queensland economy
- compete in domestic and global markets
- engage and/or benefit regional Queensland
- create new jobs, now and into the future..
Funding Information
Two tiers of funding are available:
- Tier 1 : Up to $100,000 (excluding GST) for projects of up to 12 months duration.
- Tier 2: Greater than $100,000 and up to $200,000 (excluding GST) for projects of up to 24 months duration.
Eligibility Criteria
To be eligible for funding, applicant organizations must at the time of application:
- be a business headquartered in Queensland
- 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
- not have received funding for the proposed project activity from either the State, Federal or Local Government
- be registered for GST (at time of full application submission).
- If applying for Tier 1, the applicant organization and/or related parties must:
- not have received an Ignite Ideas Fund grant previously
- make a ca sh contribution to the project that is at least equal to 20% of the value of funding sought.
If applying for Tier 2, the applicant organization and/or related parties must:
- not have received an Ignite Ideas Fund Tier 2 grant previously
- not be applying for a product or service that has previously received Ignite Ideas funding
- 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
- Organizations and their related parties are limited to one application per funding round.
Criteria
Tier 2 applicants must provide at the time of full application evidence of their ability to meet the required matching funding contribution in the form of a declaration from a suitably qualified independent party who:
- is a member of:
- the Institute of Chartered Accountants, or
- CPA Australia, gold
- the Institute of Public Accountants with a Professional Practice Certificate.
- The cash contribution of the applicant organization can cover any direct project costs.
For more information, visit https://advance.qld.gov.au/entrepreneurs-and-startups-industry-small-business/ignite-ideas-fund