What is Industry Tech Fund?
The Industry Tech Fund provides funding to businesses participating in collaborative, large scale, co-funded technology projects to accelerate new products and services.
The Queensland Government’s $755 million Advance Queensland strategy delivers on the government’s commitment to fostering innovation, building a more diversified economy, creating jobs and the economy.
The Advance Queensland IndustryTech Fund (ITF) aims to accelerate the development and deployment of significant, highly collaborative, industry-based platform technology projects in Queensland to spur innovation-led economic growth.
A platform technology is a group of technologies that is used as a base upon which other applications, processes or technologies are developed.
Platform technologies function as innovation catalysts. They facilitate the development of follow-on technologies which can be utilised in many and varied industries, and significant opportunities arise from the convergence of platform technologies.
Platforms once developed potentially can be utilised by others to be further developed.
Examples of platform technologies that may form the basis of an Industry Tech Fund application include, but are not limited to, the following:
- autonomous vehicles
- application of big data
- internet of things
- artificial intelligence
- nanoelectronics and nanotechnologies
- advanced manufacturing
- quantum technologies
- advanced materials.
Platform technologies can be combined into systems that solve challenges and deliver significant global commercial opportunities.
The Industry Tech Fund aims 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 1 or more industry sectors.
These industry sectors include the 6 Advance Queensland priority sectors:
- advanced manufacturing
- biomedical and life sciences
- mining equipment, technology and services.
Initiatives in other industry sectors and key Queensland industries such as education, tourism, health and community services, and agriculture will also be considered.
Queensland Government funding from a minimum of $250,000 to a maximum of $5 million will be available per project.
Industry Tech Fund projects will be funded at a minimum 1:3 ratio of government-to-applicant funding.
Industry Tech Fund projects should:
- 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, small to medium enterprises (SMEs) and/or startups (for the purposes of this project, SMEs are classified as companies with less than 200 employees)
- involve a minimum of 3 Queensland-based collaborators contributing funding and/or in-kind support:
- collaborating organisations cannot be related, such as part or subsidiary
- 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 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 3 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 1 or more industry sectors.
The following are examples of eligible costs under the Industry Tech Fund:
- salary costs (including on-costs) for staff and contractors working on the activities of the funded project
- capital expenditure on plant and equipment for the exclusive use of the project, to a maximum total amount of 20% of the total project cost (excluding GST) unless otherwise negotiated as part of the Financial Incentive Agreement
- consumables required specifically for the project, to a maximum amount of 10% (excluding GST) of the total project cost
- services provided by unrelated external parties (including testing, design and other professional services)
- legal and intellectual property costs
- travel, accommodation and subsistence costs solely associated with project activity
- technical validation/demonstration processes.
To be eligible for Industry Tech Fund, the lead applicant funder must:
- be a business (GST-registered, with an ABN)
- have total cash contributions (from the applicant and partner organisations) that are at least 3 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, e.g. by providing certified financial statements (including profit and loss statement and balance sheet) for the previous 2 financial years or otherwise demonstrating that match funding is guaranteed
- where a Special Purpose Vehicle (SPV) 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 your project.
Applications open on an ongoing basis.
Funding has been awarded to the Boeing Company for their remotely piloted aircraft research project.
Funding has been awarded to th