Challenge 1: Win $250k funding for your health and wellbeing solution to tackle COVID-19

The total funding pool available for Challenge 1 is $500,000. Grant funds will be awarded to the three highest ranked overall recipients.

• Highest ranked applicant $250,000
• Second-highest ranked applicant $100,000
• Third-highest ranked applicant $30,000
• Highest ranked applicant in each Innovation District that is not one of the state-wide overall recipients will be granted $10,000, as determined by the evaluation panel.

Grant recipients will enter a funding agreement with NSW Treasury to outline the grant amount, terms and conditions, and project deliverables. Funds will be transferred from NSW Treasury to recipients as an upfront payment.

The funding agreement will require recipients to provide a progress report to NSW Treasury at six months and twelve months following receipt of funding.

NSW Treasury may amend, suspend, cancel or re-issue all or any part of the fund.

Eligibility criteria for Challenge One.

To be eligible, businesses must have:

• an ABN registered in NSW and is based in NSW
• fewer than 200 employees
• operated for at least 12 months, based on date of ABN registration
• at least $75,000 in sales revenue within the last 12 months or previous financial year
• a product or service (which may still be in development) that directly addresses the health and wellbeing impact of COVID-19 that it intends to market within 12 months
• ownership that is at least 75 per cent Australian and is not more than 50 per cent owned by another business.

Eligible businesses must also provide:

• an operating profit and loss statement for the last 12 months or previous financial year
• brief profiles of key personnel such as CV or LinkedIn accounts
• nomination of their primary innovation district partner.

Exclusions

The following will not be considered eligible for funding:

• solutions that do not directly respond to the challenge statement for health and wellbeing solutions that address the impact of COVID-19
• solutions designed to improve internal business processes
• a Commonwealth, state or local government agency or body including government business enterprises.

This challenge offers a unique opportunity to entrepreneurs to fund and accelerate their Health and Wellbeing related product to reduce the impact of COVID-19.

If your product is one of the three successful Expressions of Interest applications, you will receive the following support from the Charles Sturt University Innovation Hubs team to take you to the Stage two of the application process:

• Mentoring to assist with full application development
• Coaching to develop a two-minute pitch and presentation (pitch deck)
• Professional recording of two-minute pitch for submission with full application.

Challenge Opens: Challenge 1 will launch on 1st October 2020

Stage One

EOI’s close: 16th October 2020 at 5.00pm AEST.

Following the close of EOI's, applications will be considered by the Charles Sturt University Selection Committee. Leading applications will be pitched to the Charles Sturt University Selection Committee panel on a nominated date and time during late October, after which the top 3 (and eligible) applications will be supported in their application to NSW Treasury.

Stage Two

Challenge Closes: All Stage Two applications will be submitted directly to NSW Treasury by 11 November 2020, 5.00pm AEST (final 3 applications only from each Innovation District).

Unsuccessful applicants will be notified following the 11th November 2020.

Note to applicants:  It is the candidate’s responsibility to submit Expression of Interest and, if ranked as one of the top three, full application within the designated NSW Treasury deadline. No extensions can be granted by Charles Sturt University.

1. The Expression of Interest form is completed and submitted along to Charles Sturt University.
2. Initial eligibility check by the NSW Treasury to ensure the Eligibility Criteria is met.
3. Charles Sturt University Selection Committee will assess and rank Expressions of Interest. Leading applications will be asked to pitch to the Charles Sturt University Selection Committee panel, after which, the top three Expressions of Interest will be selected.
4. If your business’s Expression of Interest is ranked as one of the top three, you will be provided support from Charles Sturt University Innovation Hubs to complete a full application for the funding of your product/service idea.  Please see above section 'How Charles Sturt Innovation Hubs will support you' for support package details.

Note to applicants:  It is the candidate’s responsibility to submit Expression of Interest and, if ranked as one of the top three, full application within the designated NSW Treasury deadline. No extensions can be granted by Charles Sturt University.