Thinking of applying for an Innovation Connect Grant?

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By Canberra Innovation Network posted 25-02-2021 14:08

  

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 next?

Book an Intro meeting at the Canberra Innovation Network to get the ball rolling. Applications close 29 March 2021.
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