Ignite Ideas round 8 now open

The program seeks to assist small to medium Queensland based businesses who possess high growth potential for undertaking commercialisation projects which contribute to Queensland economy strengthening goals. These include:

• Strengthening Queensland key industries
• Diversifying the Queensland economy
• Competing in domestic and global markets
• Engaging and/or benefiting regional Queensland
• Creating jobs, now and into the future.

Funding is available for eligible applicants to market new products or services which are highly innovative and are at minimal viable product stage or beyond. Applicants may use funding for costs of project staff salaries, related external party services, travel and accommodation expenses, consumables and equipment.

The program is available under two tiers:

Tier 1: Up to $100,000 (excluding GST) for projects delivered within 12 months.

Tier 2: Between $100,000 and $200,000 (excluding GST) for projects delivered within 24 months.

Eligible applicants of the Ignite Ideas Fund will meet the following criteria:

• Be a business headquartered in Queensland;
• Have a maximum of 50 full-time equivalent employees;
• Not be a subsidiary of a group of companies which has a total of more than 50 full-time equivalent employees;
• Be registered for GST (at time of Full Application submission); and
• Not have gained funding for the proposed project from either State, Federal or Local Government.

The program involves a two-stage application process, consisting of an expression of interest that will close on Thursday 22^nd July followed by a full application to be submitted by applicants invited to progress into stage two.  .

For further information about the Advance Queensland Ignite Ideas Fund Program, please visit the Queensland Government website:

https://advance.qld.gov.au/entrepreneurs-and-startups-industry-small-business/ignite-ideas-fund

For assistance in determining your eligibility, positioning an Expression of Interest and support to submit a compelling application, please contact your usual Mazars Advisor or alternatively, our financial advisory specialist Angela Winton via the form below.

Author: Holly Willmore

Published: 5/7/21

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