Innovation Connect Grants
Icon offers eligible early stage innovative entrepreneurs and startups matched-funded grants between $10,000 – $30,000 to kick-start their growth journey.
For early-stage innovative ideas
The Canberra Innovation Network in partnership with the ACT Government deliver the Innovation Connect (ICON) Grant program and provide matched funding between $10,000 and $30,000. The program supports the thriving startup culture in Canberra and empowers entrepreneurs to develop and grow their innovative ideas.
What is this grant for?
Supports innovative, entrepreneurial ideas to a market ready position including market testing.
Funds projects that prove the technical or commercial feasibility of a concept.
Supports the development of product prototype or functional software.
Assists with development and testing of effective marketing approaches, and with legal, IP and patenting advice.
Funding round currently open and will close on the 14th of August 2020.
FAQs
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 Funding Agreement with the Canberra Innovation Network
See Past Innovation Connect Grant Recipients
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 Funding Agreement 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?
- 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 (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.
See the Terms and Conditions of this grant.
How is this grant different from the Boosting Innovation Grant?
ICON is a proof of concept grant that funds innovative ideas, products and services in demonstrating commercial viability. Typically ICON grants can be considered to fund prototyping and market testing activities for a new and innovative idea. ICON supports entrepreneurs in identifying markets for your innovation whereas the Boosting Innovation Grant supports entrepreneurs in advancing an innovation into a new market. Find out more by booking an intro meeting below.
More information
- 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.
- See Past Innovation Connect Grant Recipients
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.
Latest Innovation Connect news
-
Grant Opportunities Extended
Grant application dates have been extended at Canberra Innovation Network because right now the world needs more ideas, more entrepreneurs and more businesses.
July 28, 2020 -
Fungi for fashion, non-alcoholic beverages, and tracking ethical food funded by the Innovation Connect Grant
ICON provides early stage businesses an opportunity to receive matched funding between $10k-$30k.
July 1, 2020 -
Thinking of applying for an Innovation Connect Grant?
The grant will fund innovative ideas, products, and services, primarily to develop a prototype or prove their technical or commercial viability.
March 16, 2020