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.
This grant is intended to help companies take their project into market for the first time or into new markets.
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.
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
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
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.
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.
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