Australian government recognizes the important role played by startups in the economy of the country. Entrepreneurs not only create employment opportunities for young people but also earn money to strengthen the GDP of the nation. The support provided by the government to startups in the form of grants has become a source of envy for entrepreneurs around the world. Here is a list of some of the most popular startup grants in 2021.
Entrepreneurs Program
The most popular source of funds for entrepreneurs in Australia is the Entrepreneurs Program. Under this program which was set up in 2014 to replace the earlier program called Commercialisation Australia, the aim is to provide grants to eligible entrepreneurs. This program is now called Accelerating Commercialisation. Under the program, up to 50% of the expenditure incurred on commercialisation is reimbursed by the government. The help goes up to 65% of the project cost in regional areas. The grant is capped at $250,000. In some cases, help is also provided through expert advice so as to fill in knowledge gaps and boost growth.
Eligibility criteria
- You must have a product or service that needs commercialisation help to be introduced in new markets in Australia and overseas
- Your startup must be registered under GST and it should be non-tax exempt
- The startup must meet the turnover test
You can apply for a grant under Accelerating Commercialisation online any time of the year but it takes 3-6 months for your application to be approved.
CSIRO Kick-Start
CSIRO Kick Start is another hugely popular grant among entrepreneurs. Under this program, startups and small businesses can hope to get up to $50,000 in matched funding for research activities aimed at their growth. The grant called Kick-Start was first given in 2017 to eligible startups for carrying out research on novel business ideas, products, or services.
Eligibility criteria
- Your business must have ABN
- It must be registered under GST
- Annual turnover of business should be less than $1.5 million
- You must demonstrate the ability to match the funding in dollars
- Your place of business must be inside Australia
The money received under this grant can be used to pay for salaries of the researchers or expenses incurred on travel plus accommodation of the researchers. CSIRO Kick-Start remains open round the year and you can apply for the grant any time of the year.
Austrade Landing Pad
This is a wonderful grant for Australian startups that gives them the much needed initial push in international markets. The government of Australia has arrangements in lading pads in 5 international destinations like Berlin, Singapore, Tel Aviv, San Francisco, and Shanghai. Eligible entities can learn a lot through the network of investors and mentors in the landing pads. They get a chance to spend 90 days in these landing pads to take their venture to new heights of success.
Eligibility criteria
Anyone can apply but selection for landing pads is based solely upon the vision, differentiation, traction, and scalability of the business. You must be able to show how spending 90 days in landing pads can help you in taking your startup to new heights.
If you need help or detailed information about any of these grants, please contact one of our representatives at the number mentioned below.
