Tech start-ups are currently benefiting from access to an unprecedented amount of government assistance in Australia. The government has developed an agenda of promoting and developing innovation in Australian business, and start-ups are now reaping the rewards. This new policy has led to the proliferation of grants that are now available to a growing number of start-ups.
Funding for start-ups and gaining access to grants is crucial for developing businesses, as they assist in managing large initial set-up and launch costs. Furthermore, the promotion of grants encourage innovation and creates an environment wherein emerging businesses are systematically offered assistance and nurture. The Australian start-up landscape has unsurprisingly flourished since increased access to grants has opened up. Despite the success of many start-ups, others have not yet reaped the full benefits of the new innovation policy.
While this can occur for a number of reasons, it is usually attributable to one of the following:
- businesses are unaware of which grants are available to them;
- businesses do not know how to gain access to certain grants; or
- businesses are unaware that grants from which they are already receiving funds could provide more funding.
At Warlows Legal, we have a dedicated team of start-up law specialists who know the ins and outs of the grants system. We recommend a few grants that you should look into:
The Entrepreneurs’ Programme is a Federal Government scheme that has a number of different programs aimed at providing funding to businesses as well as access to a network of advisors.
The program offers Accelerating Commercialisation grants to business classified as having high growth potential. It also has an Innovations Connections program that provides businesses with free expert advice and practical assistance. The Innovation Connections program is essential for bridging knowledge gaps and accelerating the capacity of businesses to grow. Furthermore, businesses have access to Business Management Services wherein experienced advisors will perform a free, detailed, business analysis. Lastly, the program offers Business Growth Grants to select businesses.
The City of Melbourne also offers a range of annual grants. The grants consist of financial support as well as business assistance. The grants are offered for a number of different categories, including start-ups, business expansion and business support services.
Research and Development Tax Incentive
The R & D tax incentive offers assistance to business in the research phase of their business. They offer heavy tax discounts to encourage innovation. Businesses must register to determine if they are eligible for these tax incentives.
Public Sector Innovation Fund
Grants are available to those businesses that are focused on solving community issues. These grants are gifted to businesses that use technology to solve policy problems and provide public benefit. Funding for these grants can be for as much as $350,000.
The Application Process
When applying for any of the above grants, always keep in mind your business plan and strategy. Receiving a grant should always be a means to an end; it should only be seen as one method of achieving financial gain in order to further your business plan and strategy. It is advisable to consider the grants available to you whilst you are creating your business plan to allow for every opportunity.
When applying, your brand or unique style should be reflected in your application, and not concealed. If you are successful in gaining access to a grant, always ensure that you understand and follow the conditions of the grant to ensure that you receive ongoing funding.
Our start-up specialists are able to help you through every step of the application for grants. Please get in contact with us so that we can be of assistance to your business.