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Advance Queensland: Ignite Ideas Fund
The Ignite Ideas Fund is an investment fund that will financially support emerging technologies and innovative concepts in the fields of science, technology, research and development. It provides Queensland businesses with access to financial resources and expertise to enable them to take advantage of their ideas, while helping enhance regional Queensland’s strengths in research and innovation. To ensure your business is successful, we provide tailored funding advice and support through consultation services delivered by an experienced team of business advisors from our world-leading businesses. We also work with you through the execution of your idea or concept to help deliver the best possible outcomes.What Is The Ignite Ideas Fund?
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.
What Funding Is Available?
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.
What Are The Eligibility Requirements For The Ignite Ideas Fund?
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.
How To Assess Your Eligibility
To be eligible to apply for the Ignite Ideas Fund, the applicant organisation must:
- Headquartered in Queensland and no more than 50 employees?
- Innovative and new product or service?
- At Minimum Viable Product (MVP) stage?
- Matched funding ready?
- Ready to enter the market and commercialise?
- No prior government funding for this product or service?
- Tested with potential users and customer interest?
- Ability to scale domestically and/or globally?
How is the Ignite Ideas funding paid?
Funding is paid in instalments throughout the lifecycle of
the project. Generally, the first payment is made following execution of the Financial Incentive Agreement
between the recipient and the Queensland Government. The remaining payments are made following the submission of satisfactory reports detailing the progress, outcomes, and expenditure of the project.
Tier 1 recipients will receive the approved funding in
instalments, as follows:
- 50% on execution of the Financial Incentive
Agreement - 40% on completion of Milestone 1
- 10% on completion of Milestone 2 (final).
Tier 2 recipients will receive the approved funding in
instalments, as follows:
- 25% on execution of the Financial Incentive
Agreement - 25% on completion of Milestone 1
- 25% on completion of Milestone 2
- 15% on completion of Milestone 3
- 10% on completion of Milestone 4 (final).
Example Ignite Ideas Fund Recipients
- Canaria-V Predictive Biometrics System Platform: $200,000. Round 7.
- Waste to Hydrogen: $200,000. Round 7.
- Autonomous Marketing using SmartSkills: $200,000. Round 6.
- Sophus is a digital nutrition support solution that combines evidence-based nutrition with behavioural insights to achieve behaviour change: $200,000. Round 6
