Ignite Ideas Funding for QLD Based Startups
Newsletter | May 2016
The Ignite Ideas Fund offers companies that are registered and based in Queensland access to grant funding to commercialise their new innovative products, processes or services.
The second round of applications will be open for lodgement between the 20th June and 22nd July 2016. While applications are limited to one application per round a company may apply in subsequent rounds for a different project.
Ignite Ideas Funding aims to:
- increase commercialisation rates of Queensland ideas
- create high-value knowledge intensive jobs
- secure new investment
- form new collaborative partnerships
- increase exports
- increase business investment in R&D
- increase levels of business innovation.
To be considered eligible your company must be:
- a start-up or company with less than 200 employees
- registered for GST
- incorporated in Queensland e.g. trading as a Pty Ltd and Ltd
Ignite Ideas funding covers the proof of concept and proof of market stage and to find a market or investor.
To be eligible to apply your development project must:
- have reached the working prototype stage prior to production or market-readiness
- be beyond the Minimum Viable Product (MVP) stage
- be a unique product, process or service which will have a commercial outcome and growth potential
- have identified a customer, investor or industry partner
- have a prepared Budget for the project labour, materials and contract costs against milestones
- own the resultant intellectual property or have the permission to use the IP
Funding also supports pre-clinical and clinical trialling in the life sciences and medical products and services sector.
Matched funding contribution required from applicant
|Organisation size (Full-time equivalents)||Tier One – up to $100,000||Tier Two – $100,000 – $250,000|
|Small (5 – 19)||20%||50%|
|Medium (20 – 199)||40%||50%|
|Project Duration||Up to 12 months||12 – 24|
As stated above start-ups or companies with less than 4 full time staff may apply for up to $100,000 in grant funding without the need to provide any matching funds. The payment of grants will be spread over the period of the project and is tied to agreed milestones
- does not include any expenditure incurred before the approval of your grant application and the future milestones covered by the application
- does not include in-kind and non-cash contributions
Please allow at least 6 weeks between application lodgement deadline date and the commencement of the project milestones in which time your application will be assessed and hopefully approved.
- Innovation and market potential of your project/product
- Project feasibility, budget and timeframes
- Technical and management feasibility
- Anticipated outcomes for Queensland
Eligible project costs include:
- Salary for staff and contractors working solely on activities for the funded project. Organisations with 20 -199 FTEs can only claim for new staff and contractors employed to work solely on the funded project. Employee on-costs/benefits are not eligible.
- Services provided by unrelated, external parties (including testing, design and other professional services)
- Legal and intellectual property costs
- Consumables used for the project
- Travel and subsistence costs
- A maximum of $20,000 for capital expenditure on plant and equipment required for project use only
General operational or business activity costs not directly related to the project will not be included.
Eligible project activities:
Eligible activities are those that will assist the applicant to validate their concept or to find a market or an investor as follows:
- Proof of market:
- planning activities to commercialise the project
- attendance at trade delegations/trade shows
- as an exhibitor or attendee
- specific customer/investor engagement
- travel to engage with potential investors or
- major customers
- market research
- market testing
- competitor analysis
- Proof of product, process or service:
- field tests
- specialist testing and/or demonstration to provide proof of technical feasibility
- intellectual property protection
- investigation of production and assembly options
- access to specialist equipment and facilities
The assessment criteria’s are:
- Criterion 1 – innovation and market potential:
- Product description – provide a landing page, PowerPoint presentation or YouTube video that describes your unique/innovative product, process or service
- Describe the business opportunities your project seeks to exploit
- Describe the problem or barrier to growth that the funding for this project will overcome
- Describe the commercial outcomes sought and the execution plan or pathway to achieve the desired commercial result
- Describe the target market; intended revenue model. Does the product, process or service have high growth potential and is it sustainable?
- Describe the knowledge gap, competitors and your point of difference in the marketplace
- Criterion 2 – Planning/Feasibility:
- Project planning, feasibility, budget and timeframes – how the project will be delivered within the stated budget and timeframes. Project plan and/or Gantt chart
- Potential risk factors for the project and how you intend to mitigate them
- KPI’s and a minimum of one milestone for Tier One projects, and two for Tier Two projects. Milestones are defined as measurable outcomes to assess the progress of the project. i.e. a series of key project activities like: field testing finalised, market research completed, technical validation performed, and specialist contractor work completed etc. Details of staff/contractors undertaking activities plus outcomes you are seeking to achieve required.
- Criterion 3 -Technical and Management Capability:
- Project team…resumes and experience with e.g. other projects
- Letter of support from an identified customer, industry partner or investor.
- Criterion 4 – outcomes:
- Benefits to your business
- Economic and knowledge-based employment benefits
- Spillover benefits for your industry sector or the state of Queensland
Application and documentation requirements:
*Tier One– for grants up to $100,000 with a project period of up to 12 months requires a accountant or CFO declaration of the applicants ability to meet the matched funding requirement (not applicable if the organisation has 1-4 FTE employees).
*Tier Two for grants ranging from $100k and up to $250k with a project duration of 12 to 24 months requires the lodgement of the prior 2 years of Financial statements (including profit and loss statement and balance sheet) and a declaration from accountant, CFO or investor, if applicable, of the applicant’s ability to meet the matched funding requirement.
Projects cannot commence before being approved for funding but must commence within 90 days of receipt of funding offer.
– Ignite Ideas Funding now available for Innovative QLD Based Companies –
- Scope your potential to claim various grant programs
- Assist with the preparation and lodgement of grant applications
- Review or provide a health check on your internally prepared grant applications
- Establish record-keeping practices as required under various grant programs
- Provide prepayment loans against future cash refunds under the R&D Tax Incentive
- Keeping industry informed on all new Government policy and grant initiatives
Don’t hesitate to give us a call.