ADVANCE QUEENSLAND - IGNITE IDEAS FUND
Grant
OVERVIEW
The Ignite Ideas Funds is a grant of up to $200,000 available to small and medium sized businesses with a project that has reached minimum viable product stage or beyond – whether they be ‘products, processes or services.’ They have particular emphasis on highly innovative projects.
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This grant is intended to help companies take their project into market for the first time or into new markets.
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There are two tiers of funding. Tier 1 funding is for a grant up to $100,000 for projects of up to 12 months duration. Tier 1 requires the applicant make a cash contribution to the project worth 20% of the grant’s value.
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Tier 2 funding is for a grant greater than $100,000 and up to $200,000 for projects of up to 24 months duration. Tier 2 requires the applicant make a cash contribution to the project that is equal to or greater than the grant’s value.
REQUIREMENTS
To be eligible for this grant, your business must:
Be headquartered in Queensland
Be registered for GST
Have no more than 50 full-time employees OR be a subsidiary of a company with more than 50 full-time employees
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To be eligible for Tier 1 funding, you must:
Have not previously received any Ignite Ideas funding
Not be receiving any Federal, State or Local government funding for the project
Make a cash contribution to the project that is at least equal 20% of the grant’s value
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To be eligible for Tier 2 funding, you must:
Have not previously received Tier 2 Ignite Ideas funding
Not be receiving any Federal, State or Local government funding for the project
Make a cash contribution to the project that is at least equal to the grant’s value
Have successfully completed any project previously funded under Tier 1
Have been registered with the Australian and Investments Commission (ASIC) prior to 1 January 2018
APPLICATION PROCESS
To apply, you must first fill out an Expression of Interest form on Advance Queensland’s website. The application involves personal details and short answer questions.
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If this expression of interest is successful, you will be placed on a shortlist. The shortlisted applicants will be invited to fill out a full application form.
I'M INTERESTED, WHAT NOW?
The most recent round, Round 6, was open for Expressions of Interest from the 23rd of September to 14th of October 2019. Round 7 is expected to open in April 2020.
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The Expression of Interest form and further information can be found at https://advance.qld.gov.au/entrepreneurs-and-startups-industry-small-business/ignite-ideas-fund