InnovationConnect (ICon) is a new Australian Capital Territory Government program for creative innovators and entrepreneurs. It is designed to provide limited funding support that will accelerate the progress of viable, creative ideas along the development and commercialisation pathway.

The program has been designed to assist companies that need relatively early stage support in taking an innovative product or service to investment readiness or commercialisation.

The investment ready of commercialisation pathway can be loosely broken up into three stages:

– Pre start-up
– Start-up
– Growth

ICon has two main funding components that cover these stages.

Proof of Technology Grants are for pre start-up and support the development of:

– Prototypes that prove a concept or;
– A technology plan or business case study that demonstrates whether a concept is commercially viable.

Proof of Technology Grants range from A$5,000 to A$25,000. There may be an opportunity for grants of up to A$50,000 in exceptional circumstances.

Accelerating Innovation Grants support start-up and growth companies with a viable, proven concept or service with funding that will enable:

– Participation in formalised commercialisation training;
– Intellectual property strategies and advice;
– Establishment of advanced business processes;
– Market testing;
– Mentoring; and
– Projects that link the technology and creative industry sectors.

Accelerating Innovation Grants will range from A$5,000 to A$10,000. They are only granted on a dollar-for-dollar basis based on reimbursement.

This is an ongoing opportunity with applications are continuous assessment.

For further information visit here.

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