2023 ACT Innovation Connect Grant

If you are a Canberra based start-up business looking for funding to assist in your proof of concept, then the 2023 ACT Innovation Connect Grant may be for you.  Applications close 5 April 2023.

What funding is available?

The Innovation Connect Grant program provides matched funding between $10,000 and $30,000.   Note 50% of the funding is provided up front.

Eligibility for the 2023 Innovation Connect Grant program

To be eligible you must have your registered office and principal place of business be in the ACT or have a business that is primarily focussed in the ACT and have less $2 million in annual revenue

What the grant money can be used for?

The grant must be directed at a project that is focused on innovative ideas, products, and services, primarily to prove their technical or commercial viability or to develop a prototype; and, secondarily to assist with market testing and developing a go-to-market plan, software, hardware, and professional services.

This could include:

• Product development
• Technical feasibility testing
• Market testing and customer validation exercises
• Developing a go-to-market plan

But does not include, general admin costs, major capital expenditure or costs already incurred.

The Application Process 

To apply for the Innovation Connect Grant is a multi staged process.

Step 1 – have an Intro Meeting with the Canberra Innovation Network

Step 2 – Submit an Expression of Interest

Step 3 – Shortlisted projects will pitch to a panel

The Assessment Process

The Innovation Connect Grant is a competitive grant and each application is assessed based on the criteria below.    To assist with the assessment your expression of interest, you will need to:

• Summarise your project in 1 sentence
• Detail who is your customer
• Show what is the problem that your customer is experiencing
• Explain how does your product/service solve that problem for your customer and how is your product/service different from competing solutions and the status quo
• Detail what are the key milestones for your business over the next 12 months
• Detail what do you plan to spend the grant funds on

The assessment criteria includes:

• Is the product/service deeply innovative and substantially different from competing solutions?
• Does the business have the potential to grow quickly and be scaled?
• Does the product/service have the potential to be sold/adopted globally?
• Can the funding make a difference to help make the business investable/market ready?
• Do the founders show they have the ability to execute on the business proposition?
• Does the business demonstrate clear benefits to the ACT?

Want to learn more about the ACT Innovation Connect Grant (ICON)?

Click here to learn more about the ACT Innovation Connect Grant and to book your intro meeting

Applications close 5 April 2023

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