Priority Investment Program
The first round of the 2023 Priority Investment Program is closed. If funding is available after round one, PIP will open round two in late 2023.
Program objectives
The Priority Investment Program (PIP) funds projects in many sectors of the ACT knowledge economy. PIP is part of the Future Jobs Fund initiative, which was announced in the 2020-21 Budget. The fund is part of our Knowledge Capital Plan, designed to:
- attract the best and brightest from around the world
- build on Canberra’s reputation for supporting local innovation
- attract investment from institutions and the private sector
- encourage more students to stay in Canberra when they graduate.
PIP also helps meet the Territory's economic development priorities to 2025. These priorities are outlined in the CBR Switched On strategy.
Project requirements
The PIP is looking for projects that are partnerships between:
- industry
- businesses
- tertiary education
- research institutions.
The PIP seeks to fund proposals that can show the following outcomes:
- attracting and retention of talent to create sustainable jobs for the ACT attraction of responsible investment into the ACT’s knowledge-based industries
- activity concentrated in the ACT
- establish or grow innovation and collaboration between industry (from SMEs to multinationals), with higher education, research and ACT Government to
- deliver infrastructure and pathways to unlock latent and new opportunities
- development of new business growth opportunities for the ACT’s knowledge-based economy
- matched cash contributions to the funding requested in the application.
Please read the CBR Switched On: ACT Government’s Economic Development Priorities 2022-2025. It will help with your application.
Eligibility
To be eligible your project:
- must meet all the feasibility measures
- address the impact criteria.
These are outlined in the 2022-24 Priority Investment Program Guidelines.
Projects that meet feasibility requirements and show the strongest impact will get priority.
Funding allocation
A total of $3.5 million is available in funding from 2022 to 2024.
How to apply
Applications go through a 2-stage assessment process.
Stage 1 – Expression of Interest (EOI)
- Discuss your proposal with the Investment Team. Contact them on (02) 6207 3037 or email investcanberra@act.gov.au
- The team will send you the EOI link.
- Submit your EOI through an online application management system.
- Your EOI will be assessed by an independent Assessment Panel.
- The Panel will shortlist EOIs for Stage 2 of the application.
Stage 2 – Business Case Submission
- If you're shortlisted, submit a detailed business case through Smarty Grants.
- Your business case must include any required supporting material. This can include partnership agreements.
- You will also have a session to pitch and discuss your business case to the Panel.
- The Minister for Economic Development will make the final funding decision. This decision is based on recommendations from the Panel and ACT Government internal advice.
If you have been unsuccessful before, you can resubmit proposals. However, you must refresh your application and address previous feedback and the criteria for this round.
Further information and contacts
For further information please download the 2022-24 Priority Investment Program Guidelines.
Contact the Business and Innovation team on (02) 6207 3037 or investcanberra@act.gov.au.