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 definitely reaping the rewards. This new policy has led to the proliferation of tech grants which are now available to a growing number of start-ups. Funding for start-ups and gaining access to tech grants is crucial for developing businesses who are given a greater opportunity to overcome huge initial set-up and launch costs. Furthermore, the promotion of tech grants encourages innovation and creates an environment wherein emerging businesses are systematically offered assistance and nurture. The Australian start-up landscape has unsurprisingly flourished since access to tech grants has been made easier. Despite the success of many start-ups, others have not yet reaped the full benefits of the new innovation policy.
This can occur for a number of reasons but is usually attributable to one of the following:
- Business are unaware of which tech grants are available to them;
- Businesses do not know how to gain access to certain tech grants; or
- Businesses are unaware that they could be receiving more from certain tech grant from which they are already receiving some amounts.
At Moisson Lawyers, we have a dedicated team of start-up law specialists who know the ins and outs of the tech grants system. Here are a few tech grants that we recommend you check out:
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 that are classified as having high growth potential. It also has an Innovations Connections program which provides businesses with free expert advice and practical assistance. The Innovation Connections program is essential for bridging knowledge gaps and accelerating the capacity of the business to grow. Furthermore, business 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 tech grants. The grants consist of financial support as well as business assistance. The tech grants are offered for a number of different categories including for 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. Heavy tax discounts are offered to encourage innovation. Business must register to determine if they are eligible for the tax incentives.
Public Sector Innovation Fund
Tech grants are available to those businesses that are focused on solving community issues. They grants are gifted to businesses that use their technology to solve policies problems and provide public benefit. Funding for these tech grants can be for as much as $350,000.
The Application Process
When applying for any of the above tech grants, always keep your business plan and strategy in mind. Gaining access to a tech grant should always be a means to an end and should only be seen as one method of achieving financial gain in order to further the business plan and strategy. Whilst you are creating that business plan, you should keep in mind which tech grants are available and at what time your business may be able to gain access to them.
Applications can be arduous. Ensure that you already have the correct materials and that your business is eligible and suitable for the tech grant. Your brand or unique style should not be hidden and should definitely be reflected in the application. If you are successful in gaining access to a tech grant, always ensure that you understand and follow the conditions of the grant so that you are able to ensure that you will receive ongoing funding.
Our start-up lawyers are able to help you through every step of the application for tech grants. Please get in contact with us so that we can be of assistance to your business.