Ignite Ideas Fund - Applications Open

Ignite Ideas Fund

Innovate Moreton Bay is strongly encouraging our eligible start-ups in our region to look into Advance Queensland's Ignite Ideas fund. Funding is available to commercialise highly innovative and new products or services that are at minimum viable product stage or beyond.

About the program

The Ignite Ideas Fund supports Queensland based small to medium businesses that 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.

Viability and scalability beyond completion of the project must be a key long-term outcome.

Funding

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

To be eligible for funding, applicant organisations 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 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

Organisations and their related parties are limited to one application per funding round.

Application Process and Timeframes

• The program employs a two-staged applications process – an Expressions of Interest application being the first stage followed by a Full Application stage for shortlisted Expression of Interest applicants.
• Expression of Interest applications will open on Thursday 1 July 2021.
• Expression of Interest applications will close at 10.00am on Thursday 22 July 2021.
• Late applications will not be accepted.

LEARN MORE AND APPLY HERE