Sponsoring Agency: Business Victoria
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/19/2021
Size of the Fund: Less than USD $50,000
The $5 million Technology Adoption and Innovation Program aims to provide support to eligible Victorian small to medium size enterprises (SMEs) to on-board innovative technologies or develop innovative, new and commercial technology by co-contributing funding support for projects.
The two objectives (TAIP Objectives) of the TAIP are to:
• Enable Victorian SMEs to invest in their business to implement new digital and innovative technologies that will improve their business productivity and competitiveness. This may include adopting new technologies and solutions such as ecommerce, artificial intelligence, data analytics, cyber security, Internet of Things or robotics in their business practices and operations; enabling them to contribute to Victoria’s economic recovery;
• Support Victorian SMEs involved in technology development to further develop innovative, new, and commercial technology products and services, enabling them to contribute to Victoria’s economic recovery.
The program has two streams of financial assistance which will be awarded on a competitive, merit basis:
• Stream 1 – SME technology and digital adoption
o 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. These projects will be delivered by a service provider engaged by the SME to deliver goods and/or services to the SME.
• Stream 2 – Innovative, commercial technology development
o Grants of up to $50,000 for Victorian technology companies to implement defined projects to develop commercial technology or digital products. These projects can use service providers to deliver goods and/or services to assist the SME with the development of commercial technology or digital products.
Grants are capped at a maximum value of $50,000 (excluding GST). Grants will be provided on a co-contribution basis:
• Applicants contribute a minimum of $20,000 (excluding GST) towards the total costs of the project (and the total costs of the project must equal or exceed $40,000 (excluding GST); and
• Grants will subsidise 50 per cent of the project up to a maximum of $50,000 (excluding GST) (co-contribution from Applicants may exceed $50,000 (excluding GST).
The TAIP program is open to small and medium sized enterprises (SMEs) that are on a growth trajectory.
To be eligible a business must:
• 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 between 5 full-time equivalent (FTE) and 200 FTE staff at 1 September 2020; and
• Attest that they:
o 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
o have met all industrial relations obligations as an employer in accordance with the National Employment Standards; and
o 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.
More information at: https://business.vic.gov.au/grants-and-programs/technology-adoption-and-innovation-program