Push for Innovation in Queensland Continues as Ignite Ideas Fund Opens for Round 6
The Advance Queensland initiative aims to drive innovation, build on Queensland’s natural advantages, and invest in a stronger Queensland economy. An ongoing funding initiative, Ignite Ideas Fund, supports start-ups and small to medium enterprises in commercialising innovative products, processes or services that have reached the minimum viable product stage and have market potential.
The objectives of this program are to strengthen key industries in Queensland, diversify the Queensland economy, create new jobs today and in the future, and help Queensland businesses compete in global markets.
Grants are available in two tiers:
- Grants of: Up to $100k
- Project Duration: Up to 12 months
- Cash contribution: At least 20% of funding amount sought
- Grants of: Between $100k and $200k
- Project Duration: Up to 24 months
- Cash contribution: Equal to the funding amount sought
- Trading History: Minimum of two years
- ASIC Registration: Registered prior to 1 January
Either of the grants may be used for projects focusing on activities that commercialise a new product, process or service, and can cover the following costs:
- Salaries of project staff (including on-costs)
- Services provided by external parties (unrelated entities)
- Consumables and equipment
- Travel, accommodation and subsistence costs
To be eligible for either of these grant tiers, applicants must:
- Be a business or start-up organisation and be registered for GST;
- Be headquartered in Queensland;
- Have no more than 50 full time equivalent employees;
- Not be a subsidiary of a group of companies that has more than 50 full time equivalent employees in total; and
- Not have received, or currently be receiving, Queensland Government funding for the proposed project activity.
The application is a two-stage process:
- Expression of interest (EOI): Opens 23 September and closes 14 October 2019, 5pm AEST
- Detailed application (by invitation only): Within 6 weeks of the closing date
For more information please view the Advance Queensland website. For assistance in considering your project suitability and in submitting your application and supporting documentation please contact your usual Mazars advisor or alternatively our Grant specialist, Angela Winton, on +61 7 3218 3900.
+61 7 3218 3900
+61 3 9252 0800
+61 2 9922 1166
Published: 26 September 2019
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.
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