What are Innovation Grants?
Innovation Granst are funding offered by the Australian governement to SMEs to encourange product innovation. Most of these grants are funded by the Federal Government, some are funded by state governments.
Federal Innovation Grants
The more common innovation grants funded by the Federal government include:
- funding match up to $50,000 to hire research experts to assist businesses with turnover under $1.5 million in the year of application as well as two years before that.
- up to $1 million in matching funds to cover commercialisation costs and costs involved in bringing an innovative product or process to the market.
- matching fund of up to $50,000 along with the services of a dedicated skilled facilitator to help the company assess its research needs and if required, connect it to the business experts. This grant is designed to support businesses with turnover between 1.5M and 100M.
NSW Innovation Grants
Innovation funding provided by the NSW Government includes:
- Minimum Viable Product Grants
- Building Partnerships Grants
- Regional Startups
- Western Sydney Investment Attraction Fund
Minimum Viable Product Grants
An MVP grant is a matched funding grant up to 50% of approved project costs, to a maximum of $25,000.
Successful grant applicants will receive 35% of the funding up-front and 65% after completion and validation of the MVP.
Building Partnerships grants
Building Partnership grants require startups or SMEs to have an innovative solution that addresses a market gap or opportunity and the collaboration of a consortium of partners.
Eligible businesses can receive up to 35% of the approved project costs up to a maximum grant of $100,000. The approved project costs may include:
- further developing a product and/or solution
- progressing early stage commercialisation i.e. product training or product testing
- acquiring and retaining talent.
What are the three grants available?
- Researcher placement provides a maximum of $50,000
- Requirement: a PFRO researcher must work in your business research project.
- Business researcher placement provides a maximum of $50,000
- Requirement: a researcher from your business must work in PFRO for a research project.
- Graduate placement provides a maximum of $30,000
- Requirement: to employ a graduate/post-graduate with a relevant degree to work in your business research project.
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