SEQ Innovation Economy Fund

Funding up to $25 million to support and boost innovation infrastructure and create future jobs in South East Queensland, through the Australian and Queensland Governments.

What is the SEQ Innovation Economy Fund?

The South East Queensland Innovation Economy Fund (SEQ IEF) is a new initiative aimed at driving high-value, knowledge-intensive jobs and supporting the growth of the innovation economy across the South East Queensland region. This fund is part of the SEQ City Deal between the Australian Government, Queensland Government, and local councils, with a strong focus on enhancing innovation precincts through capital investments.

For the purpose of this program, innovation precincts are defined as places where innovative activities are delivered through development of: 

• innovative solutions to existing problems
• new to world innovation
• innovation diffusion (a unique application of a technology that is significantly different to any previous innovation in the market)
• innovation in the Indigenous context – identified by the applicant as innovative activities that build a community’s economic opportunities and increases its participation in the innovation economy. 

To be eligible for this program an existing innovation precinct must:

• have an existing, clearly defined, physical site/s; and 
• have been operational for at least 12 months at the time of application.

Applicants can apply for funding from one of the following tiers:

• Tier One – Minor Capital Projects including but not limited to refurbishments and acquisition and installation of plant and equipment. 
• Tier Two – Major Capital Projects including but not limited to new builds, extensions, refurbishments and acquisition and installation of plant and equipment. 

SEQ IEF level of support

Tier One – Minor Capital Projects

• Minimum funding: $1 million
• Maximum funding: $5 million  

Tier Two – Major Capital Projects

• Minimum funding: Funding over $5 million
• Maximum funding: $25 million

Co-contribution: A 50% cash co-contribution is required. This co-contribution can come from the applicant or project partners but cannot include other government grant funding.

SEQ IEF important dates

• Applications close at 11am 22 November 2024
• Register your interest with GrantHelper

SEQ IEF objectives and priority areas

The goals of the SEQ IEF are to:

• Enhance innovation precincts by developing new or improving existing infrastructure.
• Create high-value, knowledge-intensive jobs across key industries and sectors.
• Foster partnerships between industry, academia, and government to maximise economic and social benefits for the SEQ region.

Eligible projects should align with these priority areas, which include:

• Priority industries: Defence, aerospace, energy transformation, agriculture and food innovation, biomedical, and manufacturing.
• Innovation growth sectors: Autonomous systems, robotics, AI, nanotechnology, biotechnology, quantum technologies, and sustainable energy solutions.
• Additional focuses include environmental responsibility, resilience against crises, and SportsTech. Projects driving high-value, knowledge-intensive jobs are encouraged.

Projects and expenditure eligible for SEQ IEF support

The proposal must be for a project in an existing innovation precinct which will result in the Project Infrastructure being:

• located in one of the following local government areas:  Brisbane, Ipswich, Lockyer Valley, Logan, Moreton Bay, Noosa, Redland, Scenic Rim, Somerset, Sunshine Coast, Toowoomba and the Gold Coast; and
• constructed and/or established on a project site which is owned by the applicant or for which there is written evidence of an in-principle agreement with the entity that owns the project site demonstrating the applicant and/or project partner has the right to access the project site in order to construct or refurbish existing buildings and/or install plant and equipment.

Examples of eligible projects:

• New builds
• Refurbishment of existing buildings
• Acquisition and installation of plant and equipment 
• A new stage or independent component of an existing capital project that will result in the establishment of operational infrastructure delivering innovative activity and will contribute to accelerating high value, knowledge-intensive employment opportunities at the Project End Date and is not reliant on future un-funded stages of the development to achieve this.

The following costs are not eligible to be paid for from the IEF grant funding:

• Costs incurred prior to the project start date, including any otherwise eligible project costs.
• Existing applicant staff salaries or remuneration for employees not directly related to the project.
• Core business costs (business as usual), including
  1. Premises lease or rental costs.
  2. Ongoing costs for administration, operation, maintenance, and engineering.
  3. Purchase, lease, or hire of plant and equipment related to the applicant’s core business.
  4. Operational costs associated with the Project Infrastructure.
• Costs associated with preparing the application.
• Project development costs such as early-stage feasibility studies, business case development, and due diligence.
• Concept design costs.
• Land purchase and/or costs associated with land purchase.
• Costs of conducting a tender for construction of Approved Projects.
• Statutory fees and charges, and costs associated with obtaining regulatory and/or development approvals.
• Legal expenses.
• Movable/portable furnishings, supplies, and related items.
• Official opening expenses.
• Costs primarily related to marketing, advertising, or promotion (excluding acknowledgment of funding contributions as outlined in section 11.2 of the guidelines).
• Expenditure on project activities that have received funding through other SEQ City Deal commitments unless otherwise approved by deal partners.

Other SEQ Innovation Economy Fund important details that you will need to know

SEQ IEF resources

• Source
• Register your interest

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