The Canberra Innovation Network in partnership with the ACT Government will deliver the Innovation Connect (ICON) Grant program and provide matched funding between $10,000 and $30,000. The new look program builds on the successes already seen and continue to support the thriving startup culture in Canberra and empower entrepreneurs to develop and grow their innovative ideas.
The Innovation Connect (ICON) program:
- supports innovative, entrepreneurial ideas to a market ready position including market testing;
- supports projects that prove the technical or commercial feasibility of a concept;
- supports the development of product prototype or functional software;
- assists with the development and testing of effective marketing approaches; and
- assists with legal, IP and patenting advice.
Applicants should familiarise themselves with the relevant Funding Rules and Grant Agreements.
Grants can only be made to applicants who have a current ABN and are Canberra based.
To view more about the announcement visit the Innovation Station.
Can I apply?
In order to be eligible to apply for funding you must:
- Have an annual turnover of less than $2 million;
- Be Canberra based;
- Have an ABN (you will need this to enter a funding agreement); and
- Agree to enter into a Deed of Grant with the Canberra Innovation Network
What is the application process?
- Book an Intro Meeting with a Business Growth Advisor from the Canberra Innovation Network.
- After your Intro Meeting if you are eligible you will be invited to submit an Expression of Interest (EOI) including a 60 second video pitch.
- 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.
- Submitted full applications and 3-minute pitch will be assessed and grant recipients will be advised.
- If successful you will be asked to enter into a Deed of Grant with the Canberra Innovation Network.
- Congratulations; you’re ready to make an impact! The Canberra Innovation Network will work with you to determine achievable milestones.
What happens if I get funding?
- Up to 50% of approved funding may be paid on signing of the Funding Agreement. This will be determined on a case by case basis.
- 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 (Innovation Connect 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.