7th April 2021 | Business
The $5 million Technology Adoption and Innovation Program aims to provide support to eligible Victorian small to medium-size enterprises (SMEs) to onboard innovative technologies or develop innovative, new and commercial technology by co-contributing funding support for projects.
Before submitting an application, you should read all the information, including the program guidelines and the frequently asked questions (FAQs). You should also ensure you have the required documentation before starting an application.
The program contains two streams of financial assistance:
Stream 1 – SME technology and digital adoption
Grants of up to $50,000 for Victorian SMEs to adopt technology or digital solutions to improve their processes and productivity and support their future growth.
Stream 2 – Innovative, commercial technology development
Grants of up to $50,000 for Victorian technology companies to implement defined projects to develop commercial technology or digital products.
The indicative key dates for this scheme are:
- Applications open: 31 March 2021
- Applications close: 19 April 2021
- Program reporting: 4 months, 8 months, 12 months
- Program end: 30 June 2022
Under both Streams, each successful SME will be required to contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure.
Both Streams will provide grants on a 1:1 co-fund basis between the company and government respectively.
Who can apply for a grant?
The program is open to SMEs that are on a growth trajectory.
These eligible SMEs can be a company, a trust structure or a partnership.
The following are not eligible to apply:
- Commonwealth, state and local government agencies or bodies
- publicly funded research institutions
- industry associations or business chambers
- not-for-profit organisations
- community-based organisations.
Eligibility criteria
Eligible SMEs must meet the following criteria to be eligible for assistance under the program:
- be an eligible legal entity
- operate a business located within Victoria; and
- hold an Australian Business Number (ABN) and have held that ABN at 1 September 2020; and
- be registered for Goods and Services Tax (GST) on 1 September 2020; and
- employ at least 5 FTE (full-time equivalent) staff at 1 September 2020 (preference will be given to Applicants that employ less than 200
- people); and
- attest that they:
- can contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure and match any grant funding on a 1:1 fund basis; and
- have met all industrial relations obligations as an employer in accordance with the National Employment Standards; and
- will participate in future program evaluation activity; and
- if applying for Stream 2 funding, demonstrate that its main business model applies to the provision of technology products or services; and
- only apply for funding under either Stream 1 or Stream 2, not both.
An Incorporated Trustee can apply on behalf of a Trust provided that the Trustee will remain sufficiently liable for the performance of any agreement it signs.
The individual partners may apply on behalf of a Partnership provided that the Partners will remain sufficiently liable for the performance of any agreement they sign.
An applicant is only eligible for one grant under the Program.
Funds from other State or Commonwealth Government programs cannot form part of the co-contribution.
If your looking for trustworthy investors or raising capital, please contact us at info@Ax3.com.au
Or to apply for the grant click here