On 8th March 2024 the Qld Government launched the Advance Queensland Ignite Ideas Fund

The fund aims to support Qld businesses to commercialise new and innovative services and products that has achieved minimum viable product status and is ready to go to market.

 

Who is eligible?

To be eligible, at the time of application you must:

• Have an active ABN and be registered for GST
• Be Queensland based (having headquarters in Qld)
• Have no more than 50 FTE employees (or be a subsidiary of a group who has)
• Not previously have received funding for the project from any level of government.
• Not have received Ignite Ideas funding at the same level previously.

Tier 1:

• Up to $100,000 (excluding GST) for projects up to 12 months duration.
• Make a cash contribution to the project of at least 20% of funding sought.

Tier 2:

• Between $100,000 and $200,000 (excluding GST) fro projects up to 24 months duration.
• Make a cash contribution to the project of at least equal the amount of funding sought.

 

Successful applicants may be eligible for additional business development support through the Ignite + Program

Ignite+ | Advance Queensland | Queensland Government

 

What Projects Would Qualify?

The business must demonstrate

Innovation

• the project or service is clearly innovative, unique and new
• how the product can be differentiated from those already available in market and an understanding of potential competitors.
• the organisation owns any relevant IP and has measures in place to protect.

Market Potential

• there is market demand from identifiable users
• the demand is scalable (letters of support from customers/ potential customers could be useful)

Technology/ Market Readiness

• the product is at or beyond minimum viable product stage (past concept/ prototype with testing completed).
• by completion, the product or service will have entered the market and increased business revenue.

Product Viability

• Key commercialisation activities, outcomes, expenditure and timeframes have been identified and well planned.
• Extend that project will increase revenue and profitability.
• key project risks have been identified and mitigation strategies in place

Organisational Capabilities

• the organisation has technical, management skills and experience to deliver commercialisation
• access to support if required

Benefits to Qld

• benefit to Qld industyr and community
• creation of jobs during project and longer term for buisness and supply chain
• where possible the project will be benefit Qld regional areas.

 

What can it be used for?

Activities that are considered commercialisation are:

• sales and marketing
• trade shows or delegations
• customer engagement
• product or service demonstration
• investigation of production and assembly options.
• securing IP protection including research, advice and securing patents.

 

Within the above activities  the expenses can fall within the following categories:

• Salary costs for new employees directly related to project
• Salary costs for existing employees or founders directly contributing to project (capped at 20% total grant)
• external service providers
• equipment less than $10,000 per item (capped at 10% total grant)
• consumables
• travel and accomodation

The expenditure should be used within Qld unless proven essential.

 

How to Apply?

The two staged application process involves:

1. Expression of interest
2. Full Stage Application for shortlisted applicants.

On application you must provide evidence of ability to meet the funding matching requirements.

 

Closes: 8 April 2024

For full details visit: Ignite Ideas Fund | Advance Queensland | Queensland Government

 

How can Alto help?

If you have new project that you think may qualify, reach out to Alto to discuss your eligibility and how to take the next steps.

 

Author: Donna Bruce