Funding For Tech Businesses

The Australian government is committed to providing necessary assistance and services to innovators and entrepreneurs by all means. Funding technology projects is the most prominent way of keeping one’s country ahead in the race of becoming a superpower. The federal government has undertaken other supporting initiatives like Digital License, Simplified Contracts and Tendering to make attaining grants easier.

CSIRO Kick-Start

In this scheme Startups and SMEs are offered a wonderful opportunity to partner with Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO). The applicants can get up to $50,000 to grow their business of research activities. This grant is aimed at adding new success stories in the Australian innovation diary. CSIRO Kick-Start helps companies that are progressing on the path of developing a novel product or service.

There are certain guidelines which applicants have to fulfill to make them eligible to apply for funding under this grant:

  • The annual turnover of the applicant company shall be $1.5 million or less in the current and past two previous financial years.
  • The company should be registered for less than three years in Australia.

Depending upon the eligibility criteria you could be granted between $10,000 to $50,000 in matched funding. The funding can be used to meet various demands like the salaries of researchers or travel and accommodation. It should also be noted that the funds are not be used for capital works, infrastructure costs, or other expenditures.

Biomedical Translation Fund

This fund is a part of the National Innovation and Science Agenda and is aimed at developing and commercializing biomedical discoveries. Biomedical discoveries mean working towards producing therapeutic, medical, or pharmaceutical products including digital health services. Companies can forward their applications if their research outcomes aim to improve health and wellbeing of the Australians.

Eligibility Criteria:

  • Your company must be into the development and commercialization of biomedical discoveries
  • The majority of employees and assets of your company must be in Australia
  • Your company has registered an annual revenue of $25,000 million or less over the past two financial years

Minimum Viable Product Grant

The purpose of this grant is to help the technology startup businesses to conduct market research and assess their business model consumers through such research. Applications are invited round the year and companies can expect funding up to $25,000. This grant is aimed at helping the technology startups to come in contact with their potential business customers and to understand the industry needs. This will help in devising accurate tech products to address the industry needs or market gaps.

Eligibility Criteria

A technology startup business are supposed to meet the following eligibility criteria:

  • The startup companies must be registered (ABN)
  • The companies should be in a position to produce completed proof of concept
  • The company shall not have progressed ahead from a pre-revenue stage
  • The Company should possess the necessary authority to commercialize the end product
  • The scalable solution can be arrayed for multiple consumers
  • The start-up company has to establish the fact that 80% of the development budgets will occur in the federal state
  • The company has to demonstrate that adequate matched funding of their project are secured

After assessing the eligibility criteria the start-ups companies can apply online for MVP grants.

Above mentioned are only some of the many government grants available for tech businesses. To find more information about such grants and their eligibility criteria, please speak to one of our advisors at the number mentioned below.

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