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Regional Angel Investors Support Program guidelines

Guidelines for applicants introduction

The Queensland Government’s Advance Queensland initiative aims to transition our economy and industries to seize opportunities in growing markets, solve global challenges, compete for investment dollars, and create the jobs of the future.

Queensland’s diverse regions are rich in innovation, with emerging startups looking to access seed funding and mentors. Our regions also have growing numbers of savvy investors who potentially could invest in local ventures if the two could be better connected. Lining potential investors with entrepreneurial talent will create new economic opportunities and jobs in our regions.

The Advance Queensland Regional Angel Investors Support Program is designed to strengthen the availability of angel investment opportunities for regionally based startups by better connecting them with local investors.

A startup ecosystem typically includes startup entities and supporting organisations including angel investors, incubators, accelerator programs, co-working spaces, professional business advisory firms and universities.

The Advance Queensland Regional Angel Investors Support Program will provide funding up to $20,000 (excluding GST) per region for one year, with a possibility of extension for a second year, to eligible organisations to deliver education, networking events and activities that create and support local groups of potential angel investors.

Advancing Regional Innovation Program

The Regional Angel Investors Support Program complements the Advancing Regional Innovation Program (ARIP) which provides funding of up to $500,000 over 3 years to lead organisations in 12 Queensland regions to deliver a range of innovation and entrepreneurship programs and events.

Purpose

The Regional Angel Investors Support Program Fund aims to connect potential angel investors in regional Queensland with each other and with potential startup investment opportunities. The program also aims to strengthen the availability of angel investment pathways for regionally based startups.

Angel investors provide an avenue for seed funding for startups to commercialise innovative products, processes or services.

This program aims to facilitate the formation of local angel groups in regional Queensland through activities such as:

  • Engagement meetings and workshops for potential business angels.
  • Hosting events for potential angels and startups.
  • Hosting visiting entrepreneurs, business angels or venture capitalists to the region to provide insights to local investors.
  • Assist angel investor groups with administrative support (up to a maximum of $5000 expenditure pa).
  • Participate in national business angel events and share learnings with the local group.

Eligibility criteria

  • Funding is open to eligible profit and not-for-profit organisations.
  • Applicants must be a Queensland based organisation with an ABN and be registered for GST.
  • The following types of organisations would be considered eligible, provided they apply under a registered Australian company based in Queensland:
    • Potential angel investor/s.
    • Existing angel organisation within a region.
    • Startup incubators.
    • Not-for-profit entities established to deliver the regional startup angel investors groups.
  • Applicants are limited to receive funding to create groups in a maximum of 3 ARIP regions.
  • Organisations already receiving Queensland Government funding are eligible to apply for this funding.
  • Universities, professional services firms, financial institutions, government agencies and government owned corporations are not eligible to apply for this fund but may be a project partner.
  • Funding cannot be provided for any activity that has received funding through another Advance Queensland program.

Activity criteria

  • Activities may be conducted on a for profit or not-for-profit basis and demonstrate broad benefit to the region’s startup community.
  • Activities demonstrating collaboration with other regional organisations will be given favourable consideration.
  • Activities must align with the Advance Queensland program.

The project must cover at least 3 of the following focus areas:

  • initial collaboration, building networks and connectivity
  • grow knowledge and capability/skills
  • identify sources of regional angel capital
  • connect potential business angels and startups
  • connect with business angel networks outside the region.

Other criteria

No more than 10 applications will be funded across Queensland (excluding Brisbane City).

Assessment criteria

Applications will be considered for approval based on the following four equally weighted (25%) criteria:

1. Planning

You should:

  • Demonstrate how the proposed project will identify, engage and build knowledge/skills in potential angel investors in the nominated region.
  • Outline the proposed activities to connect angel investors with startups in the region.
  • Include a project budget outlining high level costs and any other income sources (as contained in the online application form).

2. Capability

You should:

  • Demonstrate the applicant and/or the key individuals involved in the project have the capability or relevant experience to lead a regional angel program (the resumes of key people must accompany the application – preferably 3 or 4 key individuals).
  • Indicate any support from accounting or legal services firms in the region (will be highly regarded). See letters of support below.
  • Provide details of any committee or group to oversee the program (if in existence).

3. Investment/Angel connections

You should:

  • Outline any connections to current and potential angel investors in the region.
  • Outline support from the local startup ecosystem or business community.
  • Provide a minimum of 3 letters of support for the application (one should be from the ARIP lead organisation in the region).

4. Innovation connections

You should:

  • Outline connections to local businesses, professional services, universities or other local providers of innovation services.
  • Demonstrate any connections with other business angel organisations and/or innovation funding sources outside the region.

What can the funds be used for?

Eligible activities such as:

  • Engagement meetings and workshops for potential business angels.
  • Hosting events for potential angels and startups.
  • Hosting visiting entrepreneurs, business angels or venture capitalists to the region to provide insights to local investors.
  • Participate in national business angel events and share learnings with the local group.
  • A maximum of $5000 may be used for administrative support, including wages and consumables for the group.

Eligible costs include venue hire, travel and accommodation for presenters, catering, promotion, and fees for external speakers.

What won’t be funded?

  • Any capital expenditure items.
  • Purchase of IT hardware/devices (software may be eligible).
  • Self-promoting activities associated with the applicant.
  • Costs for consultants/contractors that are associated entities to the applicant.

Submitting your application

  • Applications are open until 30 November 2017.
  • There is no implicit guarantee of approval at any stage of the application process.

Conditions of funding

  • Only eligible expenditure incurred on or after the project commencement date can be claimed by successful applicants.
  • Applicants will receive 75% of approved funding (up to $15,000) on acceptance of the letter of offer and 25% (up to $5000) on completion of the project to the satisfaction of the department.
  • The final report and financial acquittal report should provide evidence of expenditure on eligible project activities, the status of the group and future directions.
  • After acceptance of the final report and the financial acquittal report, the applicant will be invited to provide a tax invoice to the department for payment of the final milestone amount. This invoice will be paid within 30 days.

Privacy

The Queensland Government collects and collates information from the application form to evaluate applications for the program. Only authorised Queensland Government officers will have access to this information.

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 in the future.

Your personal information will not be disclosed to any other third party without your consent, unless required by law or for the purposes of the Information Privacy Act 2009.

Licence
Creative Commons Attribution-NoDerivs 3.0 Australia (CC BY-ND 3.0)
Last updated
24 October, 2017

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