QLD Ignite Ideas Fund Round 10

The Ignite Ideas Fund supports Qld based small to medium businesses to commercialise highly innovative and new products or services that are at minimum viable product stage or beyond.

Note this does not cover the development of a concept for a new business, the further development or improvement of an existing product or service, or to expand into new markets if the product or service is already in a market.

Funding Available

Two tiers of funding are available.

Tier 1 – Up to $100,000 (excl GST) for projects of up to 12 months duration.
Tier 2 – Greater than $100,000 and up to $200,000 (excl GST) for projects of up to 24 months duration.

Plus there can be additional business development support through the new Ignite+ program. This can include 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

Eligibility

To be eligible for funding you must:

be a business headquartered in Qld having no more than 50 FTE employees, and not be a subsidiary of a group of companies that has more than 50 FTE 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 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
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

Eligible Use of Funds

Ignite Ideas Fund expenditure must be related to project specific commercialisation activities have high-growth potential to undertake commercialisation 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.

Eligible expenditure categories include:

salary expenditure (including salary-related on-costs) for new employees directly contributing to the delivery of the project
salary expenditure (including salary-related on-costs) for founders and existing employees directly contributing to the delivery of the project (capped at 20% of the total grant)
services provided by (unrelated) external parties
equipment not exceeding $10,000 per item (capped at 10% of the total grant)
consumables
economy class travel, accommodation and subsistence costs.

It is expected that all Ignite Ideas funding will be expended in Queensland.

Ineligible Expenditure

The grants must not be used for activities which include:

FDA/TGA or other regulatory approval costs
capital works and/or physical infrastructure, including any buildings, telecommunications and IT networks
costs associated with the production of products for sale, inventory and warehousing costs, employee allowances, bonuses or fringe benefits. ongoing compliance fees and licences, entertainment, conference costs
costs associated with securing and/or managing the grant funding (e.g. grant writers and bookkeeping costs)
general business operating costs, including but not limited to rent, rates, electricity, water, internet, insurance, software, accounting fees, legal fees

Assessment Criteria

The main assessment criteria include:

Innovation
Market potential
Technology / market readiness
Project viability
Organisational capability
Impact on Qld

Learn More and Apply

The Application process is 2 stages. An Expression of Interest application being the first stage followed by a Full Application stage for the shortlisted Expression of Interest applicants.

round 10 is now closed, click here to learn about Round 11

If you want a confidential discussion on your business situation, or help with this grant contact me below

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