SMEs should know what grant funding options they may be eligible for!


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SMEs should know what grant funding options they may be eligible for!

Following our article last month on the “Power of Business Reviews for SMEs”, we have received numerous enquiries asking what type of grants are available.  This article covers some of the grants the Australian Government offer to help SMEs for activities such as growth, innovation and commercialisation to help develop these businesses. 

Operating a small or medium enterprise (SME) can be one of the most demanding, challenging and often rewarding things for a business owner.  This role has become even more difficult over the years as business owners struggle with having to know and understand everything there is about running a business.  With the endless strains on their time and resources, it is no wonder business owners can become overwhelmed and important things overlooked.

The Australian Government recognises that for SMEs sometimes great ideas for products or services need a helping hand to be developed.  For this reason, in addition to the Business Evaluation Programme covered last month, (https://www.dvtgroup.com.au/power-business-reviews-grants-smes-australian-economy) they also offer the following range of grant funding and services:

Growth Assistance Grants

Businesses that wish to take advantage of growth opportunities are able to access grant funding and assistance that is aimed at identifying and capitalising on growth opportunities more rapidly and competently with a reduced level of risk. A growth opportunity refers to an investment in a project that has the potential to grow significantly, therefore reaching more ideal customers or addressing any current trends that are impacting on the industry the business is operating in.

This grant provides access to experienced advisors who will work with them to develop a unique growth plan. They will guide businesses throughout the entire process from implementing the plan to providing access to knowledge, research and other assistance needed and also helping to maintain growth rates through regular meetings and follow-ups for up to a two year period.

Eligible businesses will be reimbursed 50% of the costs up to $20,000 for activities directly related to the implementation of recommendations identified in the growth plan.

Innovation Assistance Grants

SMEs also have access to innovation assistance and funding which assists businesses to access knowledge, engage with researchers and innovate. This program is a free, no obligation service that connects businesses with an expert innovation facilitator to assess knowledge gaps within the business and provide specialised support tailored to the business. There are two types of services available:

  • Information Technology – assesses a business’s information and technology needs and provides suitable solutions to address these needs. This can help to identify new knowledge, technology and expertise relevant to the business operations.

A report will be prepared specific to the business current IT infrastructure and business operational needs going forward and outline the IT needs and opportunities of the business and identify some of the solution options available.

  • Research & Development – helps businesses to identify strategic research and developmental needs and identifies pathways to engage with the research sector to enable the business to fast track their research and development. This can involve working alongside any of the Australian Universities or CSIRO.

This programme includes potential grant funding of up to $130,000 and please note this support and grant is completely separate from the ATO’s R&D tax-incentive. https://www.ato.gov.au/Business/Research-and-development-tax-incentive/

This ATO programme is another excellent government initiative and if you are not utilising either the R&D tax incentive or the R&D grant, please ask if you are eligible for both or either.

Commercialisation Assistance Grants

Developed as a way to help Australian SMEs, researchers and entrepreneurs address the challenges associated with commercialising novel intellectual property (IP) in the form of novel products, services and processes.  This program offers both cash grants and guidance from industry experts.

The expert advisors assigned to the business assist in finding the right commercialisation solutions that may include matched grant funding to support commercialisation activities of up to $1 million dollars. These industry advisors have extensive experience in commercialising novel products, services and processes and provide businesses with the necessary strategic advice and feedback in order to get novel ideas into the market effectively.

The objectives of this program are focused around:

  • Accelerating the commercialisation of novel products, services and processes;
  • Creating new business based on novel IP with high potential for growth;
  • Encouraging greater commercial and economic return from research and development to drive business growth and competitiveness.

Summary

Over the years, dVT Strategy has successfully helped a large number of businesses gain access into these programmes, with our clients recording positive results and financial uplifts. We work closely with businesses and government advisors to prepare applications for entry into these programmes to ensure they are successfully approved.

No matter what stage of business development a business is in, it is worth checking what assistance you could potentially be eligible for.

If you have a business or know someone that may potentially benefit from access to one of these programmes, dVT Strategy are happy to conduct a free no obligation, initial discussion to see how this programme can assist.    Contact Brendan Ryan on 02 9633 3333 or email brendan@dvtgroup.com.au