Innovation Connect Grant (ICON)

Purpose and Program Overview

The Innovation Connect Grant (ICON) program is a targeted funding initiative facilitated by the Canberra Innovation Network on behalf of the Australian Capital Territory (ACT) Government. Its primary objective is to support early-stage innovative entrepreneurs and startups in Canberra and surrounding regions by providing matched funding to develop, validate, and commercialise entrepreneurial ideas. The grant aims to accelerate market readiness through technical feasibility testing, prototype development, and market experimentation, thereby nurturing the local innovation ecosystem and positioning Canberra as a leading innovation hub.

With a total funding pool of $500,000 (GST exclusive) allocated over the 2023/24 financial year, the ICON program offers critical support to startups and small businesses in the pre-seed stage, assisting them in overcoming early commercialisation challenges. By funding projects that prove commercial or technical feasibility, the program helps innovators bring new products, software, or services to market effectively while also supporting business growth through advice on marketing, intellectual property, and legal protections.

The grant plays a vital role in strengthening Canberra’s entrepreneurial environment, fostering diversity in innovation, and reinforcing the region’s status as a supportive ecosystem for startups and scalable ventures.

Key Grant Details

• Grant amount: $10,000 to $30,000 (GST exclusive) per grant
• Application open: Open now for the current funding round
• Application close: 10 October 2024 (current round)
• Eligible industries/business types: Early-stage startups and entrepreneurs with registered offices and primary business operations in the ACT or surrounding region
• Co-contributions: Not explicitly stated; grants are matched funding (typically 1:1)
• Location/state/territory applicability: Australian Capital Territory and surrounding regions

Priority Sectors

Innovation Connect Grant is broadly open to innovative ventures across all sectors, with a focus on:

• Technology innovation and software development
• Health and medical technologies
• Environmental and clean technologies
• Digital media and creative industries
• Other high-potential startup sectors relevant to the ACT innovation ecosystem

Funding Scope

• Minimum and maximum amounts: $10,000 minimum to $30,000 maximum per project
• Funding streams:
  • Product prototype or functional software development
  • Market testing and customer validation exercises
  • Development of marketing plans and strategies (excluding advertising)
  • Technical feasibility testing
  • Legal, intellectual property, and patenting advice
• Project timeline: Typical grant duration ranges from 3 to 18 months, with flexibility depending on project scope

Grant Amount in Total

• Total funding pool is $500,000 (GST exclusive) for the 2023/24 financial year, spread across up to 2 funding rounds.

Eligibility Criteria

• Applicant must have an Australian Business Number (ABN) at the time of signing the funding agreement
• Business turnover must be less than $2 million annually or be pre-revenue
• Registered office and principal place of business must be located in the ACT or the surrounding region
• Applicant must not be a government agency or currently serving on the ICON independent panel
• Applicants must not have previously received an ICON grant nor be founders/directors of businesses that have

Eligible Activities and Expenses

• Development and testing of innovative products, prototypes, or functional software
• Market testing and customer validation activities
• Creation of marketing plans and strategic approaches (excluding direct advertising or promotional content)
• Legal and intellectual property support, such as patenting advice
• Staff wages specifically related to project activities
• Purchase of resources and consumables specific to project development

Assessment Process

• Competitive, merit-based application process assessed by an independent panel
• Evaluation criteria include:
  • Innovation and commercial potential
  • Technical feasibility and readiness
  • Market validation strategy and business model strength
  • Capability and experience of the applicant team
  • Contribution to the ACT innovation ecosystem

Recent Program Updates

• The current funding round is open, with applications closing on 10 October 2024
• ACT Government has committed to continuing to fund the ICON program with up to two rounds per financial year
• Growing emphasis on supporting diverse entrepreneurs and inclusive innovation projects
• Enhanced support services alongside funding, such as mentoring and networking events

Application Tips

• Confirm eligibility, especially concerning location and business turnover, before applying
• Prepare a clear and concise proposal focused on innovation outcomes, technical feasibility, and market validation plans
• Provide detailed budgets highlighting eligible expenses aligned with ICON guidelines
• Seek letters of support or endorsements to strengthen the application, where possible
• Submit applications well before the deadline to allow for potential clarifications or assistance
• Engage with Canberra Innovation Network resources, such as webinars or introductory meetings

Where to Get Help

Consider consulting with professional grant specialists like Pattens Group for eligibility assessments and application preparation support tailored to the Innovation Connect Grant. Additional information, guidance, and official application materials are available through the Canberra Innovation Network and ACT Government websites.