Boosting Innovation Grants
$10,000 and $30,000 in matched-funding to support existing start-ups and innovative businesses, ensuring continued growth towards new customers and new markets.
Find new customers and explore new markets
In response to COVID-19, the ACT Government has partnered with the Canberra Innovation Network to deliver a second stream of the Innovation Connect (ICON) grant. The Boosting Innovation grant provides between $10,000 and $30,000 of funding to support existing start-ups and innovative businesses, ensuring continued growth towards new customers and new markets.
What is this grant for?
Supports existing innovative businesses to complete projects that open their businesses up to new customers and markets.
Funds projects that will help eligible businesses differentiate themselves in the marketplace.
Funds digital transformation of business processes and supports product development & technical feasibility testing.
Assists with business development and customer engagement exercises.
Funding round currently open and will close on the 14th of August 2020.
Can I apply?
To be eligible you must:
- have an Australian Business Number (ABN) at the time of signing the funding agreement
- Have been actively trading for at least 12 months
- have an annual revenue of less than $50 million
- have your registered office and principal place of business be in the Australian Capital Territory or have a business that is primarily focused in the Australian Capital Territory
- Agree to enter into a funding agreement with the Canberra Innovation Network
What is the application process?
- Book an Intro Meeting with the Canberra Innovation Network.
- Submit an Expression of Interest, including 60 second video pitch, via a webform provided to you by the Canberra Innovation Network by the round close date.
- Acknowledge that between the round close date and the announcement of successful grant applications, no communication will be entered into or accepted other than the notification of the outcome of your Expression of Interest, and you notifying us of errors in your application.
- An independent panel will review your submitted EOI and if shortlisted, you will be invited to submit a full application and prepare a 3-minute face to face pitch.
- If shortlisted, prepare and deliver a 3-minute pitch and Q&A with the panel.
- If selected to receive funding, enter into a funding agreement with the Canberra Innovation Network.
We may ask for clarification or additional information from you that will not change the nature of your application. However, we can refuse to accept any additional information from you that would change your submission after the application closing time.
What happens if I get funding?
- After signing the Funding Agreement, you will invoice us for the first 50% of the grant.
- Future grant payments are made on a reimbursement basis after meeting milestones. We will work with you to ensure reporting requirements are met.
- You will need to provide evidence of all paid expenditure (Boosting Innovation and matching-contribution) eg. receipts, paid tax invoices and bank statements. In-kind time and commitment to the project should be recorded through timesheets.
- Milestone claims require an online written report of activities undertaken and outcomes achieved. You should also provide relevant evidence to demonstrate the completion of the milestone.
How is this grant different from the Innovation Connect (ICON) Grant?
The Boosting Innovation Grant is aimed at businesses that have been trading for over 12 months. It’s purpose is to support more progressed companies innovate in exploration of new markets and engagement of new customers. Boosting Innovation also supports some marketing activities that further the innovative project. As Boosting Innovation is targeting more progressed companies, the matched funding structure differs from ICON, requiring recipients to contribute half of the component in cash. Find out more by booking an intro meeting below.
- Applicants must familiarise themselves with the relevant funding rules and grant agreements.
- Grants can only be made to Canberra based applicants who have a current ABN.
We're here to help
Whatever stage your business is in, there are a range of opportunities in Canberra.
Find out about additional funding pathways, training & skill development opportunities and connect with a like-minded innovation community.