Submissions open for Innovation Connect Grant Program (Australia)

The Canberra Innovation Network facilitates on behalf of the ACT Government to deliver the Innovation Connect (ICON) Grant program.

Objectives

• The objectives of the program are to:
  • Support innovative, entrepreneurial ideas to a market ready position, including market testing.
  • Fund projects that prove the technical or commercial feasibility of a concept.
  • Support the development of product prototype or functional software.
  • Assist with development and testing of effective marketing approaches, and with legal, IP and patenting advice.
  • Encourage growth and maturation of start-ups at the pre-seed stage in Canberra.
  • Position Canberra and the surrounding region as a supportive ecosystem for innovation.

Funding Information

• The ACT Government has committed a total of $500,000 (GST exclusive) over the 2023/24 financial year for Innovation Connect. In the financial year, there will be a maximum of 2 funding rounds.
  • The minimum grant amount is $10,000.00 (ten thousand dollars) GST exclusive.
  • The maximum grant amount is $30,000.00 (thirty thousand dollars) GST exclusive.
• Applicants may only submit one EOI per funding round.
• The grant period is expected the length of time to complete the grant activities outlined in the Funding Agreement. Grant periods are typically between 3 and 18 months, however, longer grant periods may be accepted in some circumstances.

Eligible Activities

• A grant recipient may use the grant funding for the following activities:
  • Product development
  • Resources and consumables specific to the project activities
  • Development of marketing plans and strategies (excluding advertising costs and content)
  • Website development or upgrades
  • Staff wages and salaries specific to the project activities
  • Technical feasibility testing
  • Market testing and customer validation exercises

Ineligible Activities

• You cannot use the grant for the following:
  • Purchase of land
  • Training or education
  • Major capital expenditure
  • Major construction works
  • Any activities that support:
    • Gambling
    • Tobacco products
    • Complete weapon systems
    • Controversial weapons
    • The extraction of fossil fuels
  • Renumeration of executive staff
  • Staff wages and salaries not specific to the project activities
  • The covering of retrospective costs
  • Costs incurred in the preparation of a grant application or related documentation
  • Costs deemed as business as usual or general ongoing administration of an organisation such as electricity, phone and rent
  • Items directly funded through another grant program
  • Advertising costs, including marketing collateral and content
  • Property, plant and equipment

Eligibility Criteria

• The independent panel cannot consider your application if you do not satisfy all the eligibility criteria.
• To be eligible you must meet all of the below criteria:
  • Have an Australian Business Number (ABN) at the time of signing the Funding Agreement and be registered for the Goods and Services Tax (GST) if applicable.
  • Be turning over less than $2 million in annual revenue or be pre-revenue.
  • Have your registered office and principal place of business be in the Australian Capital Territory or surrounding region or have a business that is primarily focussed in the Australian Capital Territory.

Ineligibility Criteria

• You are not eligible to apply if:
  • You are a Commonwealth, state, territory or local government agency or bod (including government business enterprises).
  • You are a member of the independent panel for the current Innovation Connect grant round.
  • You have previously received an ICON Grant.
  • You are the Founder or Director of a business that has previously received an ICON Grant.
  • Any organisation not deemed eligible as per the above criteria.

For more information, visit Canberra Innovation Network.