If you are a small business or start-up owner looking to boost your bank balance this year, you’re in luck – the Australian Government’s Department of Industry, Innovation and Science has a flagship initiative that could be the answer.
The Entrepreneurs’ Programme was launched to promote competition and productivity in business, and offers four unique grants that your business could apply for.
These grants can be used towards research and development, mentoring and growth strategies, as well as giving you access to advisers and experts who can help guide your strategy and give you feedback.
Each of the grant categories – Accelerating Commercialisation, Business Management, Incubator Support and Innovation Connections – have their own benefits and conditions, which we outline below.
So you can choose the grant that best suits your business and needs, we’ll explain:
· What kind of financial support each grant offers
· Who can apply
· How to apply, and
· Most importantly, some of the outcomes you can expect.
Grant 1: Business Management Grant
It’s for: Small and medium businesses looking to build capacity, improve capability, extend networks and take advantage of growth opportunities, both in Australia and overseas.
Grant amount: $2,500 to $20,000.
Other benefits: An independent business advisor will evaluate your business and operations, and give you advice on how to improve it. There’s also help with Supply Chain Facilitation, Growth Services, Tourism Partnerships and Business Growth Grants.
How to apply: You can submit your application through this online portal. You will need to set up an account to do so.
Grant 2: Innovations Connections Grant
It’s for: Business owners looking to identify knowledge gaps that are preventing their business from growing.
Grant amount: Up to $50,000 in matched funding
Other benefits: A highly skilled Innovation Facilitator will work with you to discover strategic research opportunities into new or existing markets, identify critical research areas for improving your products, processes and services, and find ways for your business to engage with the research sector.
Conditions: The first step is to work with the Innovation Facilitator, who will then provide you with an Innovation Facilitation Report that outlines your needs. If they recommend collaborative research, you can then apply for the Innovation Connections Grant to co-fund this.
How to apply: Apply for an Innovation Connections Facilitation through this portal.
Grant 3: Accelerating Commercialisation Grant
It’s for: Small and medium-sized businesses and researchers, wanting to develop or commercialise a novel product, process or service.
Grant amount: $250,000 for commercialisation offices and eligible partner entities; $1 million for all other applicants.
Other benefits: Portfolio Services, including guidance from Commercialisation Advisers, and access to an expert network and promotional opportunities.
Conditions: Before applying for this grant, you must receive Commercialisation Guidance and meet a number of conditions including intellectual property ownership or beneficial use and a turnover test. You must also be able to show that you can fund at least 50 per cent of the project expenditure, and meet merit criteria.
How to apply: The first step in the application process is to lodge an Expression of Interest form, which you can find here. You can then continue with your application once you receive advice and feedback from the Commercialisation Adviser.
Grant 4: Incubator Support Grant
It’s for: New and existing incubators to deliver support services to Australian start-ups, which have an international focus.
Grant amount: $26,000 to $500,000
Other benefits: An Expert-in-Residence, valued at $5,000 to $100,000, to help increase the capabilities of incubators through research, managerial skills and secondments of experts.
How to apply: Fill in this online form to apply.
Hopefully one of these grant programs will be just the boost you need to take your business to the next level!
If you’re in need of finance to grow your next great idea, the team at Morris Finance is happy to discuss your options – contact us now on 03 5223 3453.