Queensland startups and small businesses can apply for up to $250,000 in funding to advance their innovative products and services under Round 4 of the Advance Queensland Ignite Ideas fund, which is now open for applications.
About the program
Grants of up to $250,000 (excluding GST) to support activities that will test and implement commercialisation plans for a product, process or service that is market-ready; or in a local market and ready to scale into new markets; or has the potential to significantly disrupt or ‘step-change’ key industries in Queensland.
The Ignite Ideas fund aims to support startups and small to medium Queensland businesses to commercialise market ready innovative ideas that:
- generate jobs today and in the future
- enhance innovation and skilled job opportunities across regional Queensland
- help Queensland businesses compete in global markets
- grow Queensland’s reputation.
To be eligible for funding, organisations must be a Queensland based organisation and meet the following requirements:
- be registered and head-quartered in Queensland
- have less than 200 full time equivalent staff
- be registered for GST (at time of application)
- have a Queensland developed and owned (or rights assigned) highly innovative (new) product, process or service which is at, or beyond, minimum viable product or market ready stage
- have a clearly defined project that has the potential to achieve high growth for the business and benefit Queensland’s economy
- provide clear evidence of business skills and financial capacity to successfully deliver the project
- provide clear evidence of demand or support from identified customers, industry partners, and/or investors.
In addition to the above, applicants for Tier Two funding must:
- have been trading for two years or more
- provide accountant prepared financial statements (including a profit and loss statement and balance sheet) for the previous two financial years.
How the program is assessed
Applicants are assessed through a competitive and merit based process, by a panel of independent external assessors on the following five criteria and assigned weightings:
- Innovation and market potential (25% weighting)
- Market readiness (15% weighting)
- Project planning, feasibility, budget and timeframes (20% weighting)
- Technical and management capability (15% weighting)
- Benefits to Queensland and regional impact (25% weighting).
How to apply
Submissions are now open.