An announcement from the Victorian Government means that from this month, small and medium sized enterprises (SMEs) will be able to apply for up to $50,000 in funding for innovation tech projects.
The Technology Adoption and Innovation Program is a $5 million dollar initiative that will see the state government awarding grants to adopt and implement digital solutions and technology. Developing innovations such as e-commerce, cyber security and data analytics will allow SMEs to invest in their businesses, with the aim of improving productivity and competitiveness. The grants will allow support of Victorian SMEs as well as assist with contributing to Victoria’s economic recovery.
Awarded on a competitive, merit basis, the program has two streams of financial assistance. The first stream is for grants of up to $50,000 for Victorian SMEs to adopt technology that will support their future growth. The second stream is for grants of up to $50,000 for Victorian technology companies to develop commercial technology or digital products. Each stream requires the successful SME to contribute a minimum of $20,000 (excluding GST) towards the eligible project, which will be matched on a 1:1 basis, up to a maximum grant amount.
Businesses must hold an Australian Business Number (ABN) and have held the ABN on 1 September 2020, and employ at least 5 full time employees, with preference given to those who employ less than 200. Under the program, an applicant is only eligible for one grant, and must only apply for funding under either stream 1 or 2.
Victorian Minister for Small Business and Innovation Jaala Pulford said in a statement that the innovations provided by this funding will allow Victorian businesses to thrive, driving economic growth and productivity for the business.
“This program will be a catalyst for more Victorian businesses to embark on their own innovative projects, whether they’re implementing technology or developing a new commercial product,” Ms Puford said.
“We’re enabling businesses to capitalise on technology to boost productivity, create new business opportunities and drive economic growth.
“Initiatives developed with support from this program will really cement Victoria’s position as a leading tech hub in the Asia Pacific.”
The program forms part of a wider range of initiatives rolled out by the Victorian government earlier this year to support small businesses recovering from the effects of the COVID-19 pandemic.
Applications for funding opened on 31 March and will close on 19 April.
More information about the grants, including further eligibility criteria, can be found HERE.