- March 16, 2020
- Posted by: Canberra Innovation Network
- Category: Innovation Connect Grant
The Innovation Connect (ICON) Grant provides matched funding grants of between $10,000 and $30,000 to businesses with innovative products in the pre-market-ready or pre-investment stage that demonstrate high-growth potential.
The grant will fund innovative ideas, products, and services, primarily to develop a prototype or prove their technical or commercial viability, and secondarily to assist with market testing and developing a go-to-market plan, software, hardware, and professional services.
What could a strong application look like?
You should be demonstrating how your business achieves the following:
- A deeply innovative product
- Has high growth potential and is scalable
- Has the potential to go global
- A clear path to market
- The team has the ability to make it happen and execute on the idea
- How funding can make a difference to make the company investable / market ready
Things to consider
You might want to consider the following questions when preparing your application and 60 second video:
- Who is the customer that I’m targeting?
Pro-tip: Don’t just use demographical descriptors to describe your customer – describe where you can find them, what they do, and what their behaviours are.
- What is the problem that the customer is experiencing?
Pro-tip: Remember to talk about the customer’s problem (not the world’s problem) and show proof that you’ve spoken directly to the customer about the problem.
- How am I solving that problem for the customer?
Pro-tip: Describe how the features of your product directly solve the problem that the customer is experiencing.
- How is my solution substantially different to competing solutions and the status quo?
Pro-tip: You are competing against the current way your customer deals with the problem, so talk about why your solution is so special. Show proof that customers are looking for a solution.
What activities will the grant fund?
ICON is a prototyping grant – to be successful in receiving the grant, you must be working towards the development of a first prototype or working to advance an existing prototype.
What’s the process for applying?
- Book an Intro meeting at the Canberra Innovation Network before April 7.
- Read and agree to Terms and Conditions.
- Submit an EOI & 60 second video pitch.
- EOI’s are shortlisted by the Independent Assessment Panel.
- Shortlisted submissions are invited to present a 3-minute pitch to the Panel.
- Applicants are advised of outcome and successful applicants will enter into a Funding Agreement with the Innovation Network.
A general information session will be held online on Tuesday 24 March between 12pm and 1pm.