Got a great idea to kick start the next phase of your business? The Advance Queensland Ignite Ideas Fund could help you achieve your next growth phase…
The fund aims to support small to medium-sized Queensland businesses to scale up with market-ready, innovative products, processes or services to serve domestic and global markets.
In turn, this supports the state government directive of “jobs and growth.”
What is the Advance Queensland Ignite Ideas Fund?
The Ignite Ideas Fund comprises two tiers:
- Up to $100,000 (excluding GST) per project;
- Applicants with less than four full-time equivalent staff (FTEs) require no matching contribution;
- Small businesses with 5-19 FTEs are required to provide a funding contribution of 20 percent;
- Medium businesses (20-199 FTEs) must co-contribute 40 percent.
Tier One activities must be completed within 12 months.
- Up to $250,000 (excluding GST) per project with a 50 percent co-contribution;
- Applicants must have been trading for two years or more;
- Applicants must provide accountant-prepared financial statements for the prior two financial years.
Tier Two activities must be completed within 24 months.
Are you eligible for the Ignite Ideas Fund?
Eligible businesses for the fund must:
- Be registered and headquartered in Queensland and be GST registered;
- Have less than 200 FTE staff;
- Have a Queensland-developed and owned, highly innovative product, process or service that is at or beyond the minimum viable market-ready stage;
- Have a clearly defined project that has the potential to achieve high growth within two years; (Note: high growth involves a 20 percent increase in profitability or an increase in FTE of 20);
- Provide clear evidence of business skills and the financial capacity to successfully deliver the product;
- Provide clear evidence of demand or support from identified customers, industry partners and/or investors.
What type of project costs will the fund cover?
The Advance Queensland Ignite Ideas Fund will cover the following eligible project costs:
- Provision of professional and technical services specifically related to your project (e.g. consulting fees);
- IP research;
- Market research;
- Capital expenditure or leasing costs to acquire new plant and equipment (up to $20,000);
- Project-specific training costs;
- Project-specific salary and on-costs.
What else do you need to know about the IIF?
The Advance Queensland Ignite Idea Fund is a competitive offering. So even if your business meets the eligibility requirements, there is still no guarantee of receiving your grant.
To date, only 17 percent of IIF applicants have been successful, so the better your application and the more you can prove your idea will facilitate jobs and growth, the higher your chance of success.
Your application must score highly on five key assessment criteria, with each one carrying a different weighting. Generally, you must score >75 percent on each.
You should apply online and attach project plans, budgets, risk analysis, video pitches, letters of support, etc.
Improve your chances of a successful application…
If you wish to take advantage of the Ignite Ideas Fund or require further information about your funding options, please contact us on 07 3490 9988.