The Queensland Government’s $650 million Advance Queensland strategy delivers on the government’s commitment to building a new economy—one that is strong and diversified, builds on the state’s competitive strengths and generates the knowledge-based jobs of the future.
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 ITF 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.
To be eligible for funding, 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.
Terms and Conditions
For complete details on the terms and conditions that govern the The Advance Queensland IndustryTech Fund please refer to the website.