$11 million fund launched for Victorian ICT start-ups

Victoria-based ICT start-ups are being encouraged to apply for the Victorian Government’s $11 million Digital Futures Fund, which will offer successful applicants up to $500,000 in funding.

Launched yesterday, the fund is designed to promote the development and diffusion of new ICT capabilities, thus supporting Victoria’s competitive advantage through the productive use of ICT.

Technology Minister Gordon Rich-Phillips says the fund will encourage companies, researchers and end users to develop ICT solutions that address “major business challenges”.

“Under the first round, we are looking to commit a total of between $4 million and $5 million to successful projects,” Rich-Phillips said yesterday.

Eligible projects must involve collaboration between at least two businesses with fewer than 200 employees, and find solutions to shared problems.

Preference will be given to applications of strategic importance to Victoria such as data mining and analytics, cloud computing and cyber security.

The DFF has a two-stage competitive selection process:

• Stage one: Applicants submit an Expression of Interest outlining essential parameters of their project idea. Shortlisted applicants will then produce a detailed business plan for their project.
• Stage two: Review of business plans. Successful applicants will receive funding to implement their project idea, evaluate, report, and share learnings and outcomes.

Stage one applicants shortlisted to proceed to stage two may be eligible for business grants of up to $20,000 to assist them to fully scope and plan their project.

Applicants submitting successful business plan proposals will be eligible in stage two to receive project funding of between $50,000 and $500,000.

Successful project partners will be required to provide contributions of cash and/or in-kind.

The DFF is part of an $85 million plan to promote ICT-enabled innovation and support Victoria’s ICT sector. Expressions of interest close at 2pm on Thursday, April 12.

Meanwhile, under a separate State Government fund, two Victorian games development companies will share in $200,000 in funding to develop games for global distribution.

iDeal League’s FanStand and Big Ant Studios’ Sprint Cars 2012 will receive the funding through Film Victoria’s Games Investment program.

FanStand is an online sports player trading football game, while Sprint Cars 2012 is an arcade-simulation of sprint car racing.

Big Ant Studios chief executive Ross Symons says the funding will be used to recruit highly skilled software engineers and artists, and ensure all of the IP generated remains in Melbourne.

Jenni Tosi, who heads up Film Victoria, says the program enables developers to create games for distribution on any platform, or to create a prototype to show potential distributors or publishers.