Advance Queensland – Ignite Ideas Fund (Round 5)
The Ignite Ideas Fund (IIF) aims to support small to medium sized Queensland businesses to scale up market ready, innovative products, processes or services to domestic and global markets and supports the State Government directive of “jobs and growth.”
What is the Ignite Ideas Fund (IIF)?
The IIF comprises two tiers :
Tier One :
- Up to $100,000 (excluding GST) per project.
- Applicants are required to provide a cash contribution to the project that is at least equal to 20% of the value of grant funding sought.
- Tier One activities must be completed within 12 months.
Tier Two :
- Up to $200,000 (excluding GST) per project with a 50% cash co-contribution.
- Tier Two activities must be completed within 24 months.
- Tier Two applicants must have been trading for two years or more.
- Applicants are required to make a cash contribution to the project that is at least equal to the amount of grant funding sought.
How do I know if I’m eligible for the IIF?
Eligible Businesses must :
- Be GST registered and head-quartered in Queensland;
- Have less than 50 FTE staff;
- Not be a subsidiary of a group of companies with >50 FTE staff;
- Not have received, or currently be receiving, Queensland Government funding for the proposed project activity; and
- Have clear evidence of business skills and the financial capability to successfully deliver the product.
What type of project costs will the IIF cover?
Eligible project costs include :
- Project specific salary and on-costs
- Services provided by (unrelated) external parties
- Consumables and equipment (no more than $10,000)
- Travel, accommodation and subsistence costs
What else do I need to know?
- This is a competitive offering. That means even where your business meets the eligibility requirements there is still no guarantee of receiving your grant. Therefore, 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 5 key assessment criteria. Each criteria
carries a different weighting. Generally, you must score >75% on each of the
2. Market Potential
3. Technology/Market Readiness
4. Project Feasibility and Management Capability
5. Benefits to Queensland
- This is a 2 stage application process with Stage 1 being an Expression of Interest (EOI.) Should you be successful in your Stage 1 EOI, you will be required to submit a detailed application with a number of attachments including project plans, budgets, risk analysis, video pitches, letters of support, financial statements etc.
Where to from here?
Expressions of Interest are currently open until 25 March 2019. If you wish to take advantage of this offering or find out more information, please contact Dianne Brown from SRJ Walker Wayland on 07 3490 9988.