Ignite Ideas Fund frequently asked questions
Who can apply?
The applicant must be a Queensland based organisation and meet the following requirements:
- have less than 200 full time equivalent staff
- be registered for Goods and Services Tax (GST) before the project commences
- have a product, process or service which is at, or beyond, minimum viable product/working prototype stage
- have an innovative, unique or new product, process or service with the potential to achieve high growth
- have identified customer(s), industry partner(s) or investor(s).
What does it mean to be Queensland-based?
For an applicant, Queensland based means the Australian Business Register must designate the organisation’s main business location as Queensland. The Department will be using the Australian Business Register website to verify the applicant’s ABN details.
If I am an existing Queensland Government grant recipient, am I still eligible to apply?
You are eligible to apply for the program if you have already received Queensland Government grant funding for another purpose, however your cash contribution cannot be sourced from any existing Queensland Government grant funding.
If you have received Queensland Government grant funding for your project or its activities, you are not eligible to receive further funding from the Ignite Ideas Fund.
How to apply
What is the closing date for applications?
The closing date for each round of the Ignite Ideas Fund will be advertised on the Advance Queensland website.
What accompanying documents are required?
All applications requiring matched funding contributions must provide:
- evidence of the applicant’s ability to meet the matched funding requirement, including a declaration from the organisation’s accountant or chief financial officer
- if you are relying on a third party (investors, customers or partners) to meet the matched funding requirement, you must provide evidence of a formal agreement with the third party for the provision of the cash contribution (evidence of loan or investor agreement)
- a project budget
- a project plan
- a project team profile (CV)
- project slide deck
- evidence of an identified customer, industry partner or investor for the project (letters of support).
All Tier Two applicants must also provide accountant prepared financial statements (including profit and loss statement and balance sheet) for the previous 2 financial years.
How can I check the status of my application?
Applicants will be notified in writing of the outcome of their application.
When will I be notified of my application outcome?
The timeframe for assessment will be contingent on the volume of applications received.
Can I revise my application after lodgement?
No, however you must advise the department of any changes which are likely to impact on your eligibility.
Can I submit more than 1 application?
The department will only accept 1 application per business organisation for each funding round. Applicants must complete approved funded activities before submitting follow-on applications (for complex staged projects the assessment panel may consider subsequent applications for different stages within a single project).
Do I need to submit a video pitch?
Provision of a video pitch is optional. Content could include a snapshot of your product, process or service, the current difficulties/barriers to growth which your project may be facing or why funding is being sought.
What are the requirements for the video pitch?
Applicants can submit a video pitch of up to 3 minutes in length via YouTube and advise the URL in the application form. Applicants must ensure the video stays live throughout the application process. Video pitches exceeding 3 minutes will not be accepted.
How many funding rounds will there be?
The program will have quarterly funding rounds which are scheduled to run for 3 years, or until all program funding is expended.
What is the program payment structure?
Tier One applicants will receive 50% of approved funding on acceptance of the letter of offer (the initial milestone), 30% on completion of the milestone activity, and 20% on completion of the project to the satisfaction of the department (the final milestone).
Tier Two applicants will receive 25% of approved funding on acceptance of the letter of offer (the initial milestone), 25% of approved funding for each of the 2 milestone activities completed, and 25% on completion of the project to the satisfaction of the department (the final milestone).
How are the project milestones determined?
The application form has a project milestone activities template which the applicant must complete. Applicants must submit 2 milestone activities for Tier One projects and 3 milestone activities for Tier Two projects.
What evidence is required in order to receive funding?
Milestone Report—the applicant must provide evidence that project milestones have been achieved to the satisfaction of the department.
Financial acquittal report—the applicant must provide evidence of expenditure in the form of invoices from suppliers, and bank statements showing project expenditure.
In order to receive payment, applicants must provide a milestone report and a financial acquittal report to the satisfaction of the department. When this report has been approved applicants can lodge an invoice for the milestone payment amount.
Are grant payments subject to GST?
Yes, all applicants must be registered for GST; and while the grant amount excludes GST, the grant payments will include GST.
Are in-kind costs eligible for matched funding?
In-kind costs and non-cash contributions are not considered eligible for matched funding requirements.
Who can I source matched funding from?
You can source cash contributions internally or from investors, customers or business partners, however, you are required to provide evidence of cash contributions with your application.
Can I apply for funding support for an activity that has already commenced prior to this application?
No, only activities which commence after the agreed project start date will be funded.
Can I commence the project at any time?
The project must commence within 90 days after signing of the letter of offer.
Any project expenditure made prior to notification of outcomes for the Ignite Ideas Fund is made at the applicant’s own risk. There is no guarantee of funding approval at any stage of the application process.
Successful applicants can claim for eligible expenditure incurred on or after the project start date (as per your application). Your project start date must be at least 10 business days after the closing date of the funding round.
How often will progress reports be required?
Progress reporting will take place at the end of the project and a year after completion of the project (e.g. at the 12 and 24 month mark for a 1 year project). Tier Two applicants will additionally need to submit an interim report at the 12 month mark of their project.
What information will be required for progress reports?
A report template will be provided for completion by approved applicants. At minimum, the report must contain activity outcomes, which could include the number of collaborative connections, leads and/or sales generated, new jobs created and capability improvements.
Terms and conditions
Are the terms and conditions negotiable?
No, the applicant will be bound by the terms and conditions, which form part of the application and guidelines. Please ensure you have read and accepted the terms and conditions prior to submitting an application for funding, as they will not be negotiable at the time a funding offer is made.
If I am successful, am I under an obligation to acknowledge the Queensland Government’s support?
Yes, you will initially be asked to keep the details of your grant confidential until it is announced officially by the Queensland Government.
Applicants should note that broad details of successful proposals, agreed outcomes, progress and the level of funding awarded may be published by the Queensland Government. Some information may be used to promote funded projects and applicants may be requested to contribute to case studies and/or other promotional material on success.
Do I have to own the IP for the product, process or service?
No, but if you do not own the IP, you must have access to or beneficial use of any IP necessary to carry out the project.
If the IP is not patented, then you must demonstrate there are appropriate protective measures in place for the IP.