Advance Queensland – IndustryTech FundOverview
This program aims to accelerate the development and deployment of significant, highly collaborative, industry-based platform technology projects in Queensland to spur innovation-led economic growth. It forms part of the Advance Queensland Program which is designed to create the knowledge-based jobs of the future, drive productivity improvements and build on Queensland's natural advantages.
A platform technology is a group of technologies that is used as a base upon which other applications, processes or technologies are developed. Examples are:
- Autonomous vehicles
- Application of big data
- Internet of things
- Artificial intelligence
- Nanoelectronics and nanotechnologies
- Advanced manufacturing
- Quantum technologies
- Advanced materials
Funding between $250,000 and $5 million is available per project. Projects will be funded at a minimum 1:3 ratio of government-to-applicant funding.
The cash contribution from the lead applicant and their partners may include contributions from governments other than the Queensland government. However, the cash contribution from private sector sources must be at least 25% of the project costs. The cash contribution must be new investment.
The application is a two-stage process:
- Stage 1: Expression of interest
- Stage 2: Full application invitation
Eligible lead applicant funders must:
- Be a business (GST-registered, with an ABN).
- Have total cash contributions (from the applicant and partner organisations) that are at least three times greater than the ITF funding sought.
- Be able to demonstrate an ability to fund at least 75% of the cost of the eligible project, other than from Queensland government funding sources - for instance by providing certified financial statements (including profit and loss statement and balance sheet) for the previous two financial years or otherwise demonstrating that that match funding is guaranteed.
- Where a special purpose vehicle is formed for the project, key participants in, and funders of, the SPV may be required to meet the above due diligence requirements.
- Have ownership, access to, or beneficial use of, any intellectual property that is the subject of, or is necessary to carry out the project.
Eligible projects must:
- Deliver the development and deployment of an innovative, unique or new platform technology product, process or service with the potential to achieve high growth and create jobs in Queensland.
- Be based around formalised partnerships with separate Queensland-based industries, SMEs and/or startups (for the purposes of this project, SMEs are classified as companies with less than 200 employees)
- Involve a minimum of three collaborators contributing funding and/or in-kind support:
a) Collaborating organisations cannot be related, such as part or subsidiaries.
b) Collaborators may include Queensland-based SMEs and/or startups, customers or end users, universities, research institutes and other organisations that can contribute to the demonstration and commercial development of platform technologies.
- Commit a 30% minimum portion of ITF Queensland Government and overall funding to be spent with Queensland SMEs and/or startups as part of the project (excludes funding spent on the lead applicant and partners e.g. salaries and on-costs etc).
- Have identified applications and growth paths for the platform technology, ideally across multiple sectors.
- Commence within 90 days after the Queensland government signs the application approval (Financial Incentive Agreement).
- Be completed within an agreed project timeframe up to a maximum of three years.
- Have a distinct set of activities, with aims and outcomes achievable and reportable within set timeframes.
- Undertake research and development, testing, demonstration trials or commercialisation of a platform technology or the convergence of platform technologies into new systems.
- Aim to deliver a transformative ‘step change’ that speeds the emergence of new products and/or services based on a platform technology, or the convergence of platform technologies, with global potential across one or more industry sectors.
Please refer to the Guidelines for the list of eligible/ineligible project costs.
The main assessment criteria include:
- Competitive advantage
- Technical merit
Please refer to the Guidelines for the complete list of the assessment criteria.
- Research & Development
- Business Support
|EOI Application Handbook||2019-10-16||Download|
|Financial Incentive Agreement||2019-10-16||Download|
|Terms and Conditions||2019-10-16||Download|
Use these documents as a guide only - always get the latest direct from the Administrator