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Phases of the Fund
Phase 1 – Proof of Concept
Phase 1 applications should require funds for activities that will result in comprehensive proof that the product or service does what is claimed. At the end of this phase, applicants should be able to verify the capabilities of the product or service. Examples of the activities that may be undertaken are:
- Concept analysis
- Feasibility testing
- Developing prototypes
- Protecting intellectual property
- Use of third parties to undertake product testing
Phase 2 – Commercialisation
Phase 2 applications should require funds for activities that will result in initial revenues or market traction. Applications for this phase should have a product or service that is viable, i.e. can be demonstrated or has been technically proven. Examples of the activities that may be undertaken are:
- Undertaking market research
- Undertaking customer trials
- Developing the channels to market
- Commercial or marketing advice
An application may be made for either one of the phases outlined above or for both.
