Money for nothing? – Grants for innovations
Money for nothing, sounds too good to be true doesn’t it?
But if you can navigate the maze of available state and federal government grant schemes, then there certainly is the potential for funding assistance.
However, be aware that:
- You must be eligible for the scheme (ie, you fit the mandatory criteria); and
- You must show what you will do with that money (ie. you need a plan); and
- You must convince the assessor why they should give you the money. (ie. you need to think like they do)
Make sure that you do the first one. There’s no point in spending weeks on an application only to find out later that if you annual revenue is greater than “x” then you are ineligible.
Make sure that you do the second one. This may include elements of the strategic plan for your business (see our previous growth insight here).
Finally (and most importantly) make sure that you do the third one. The grant assessor will tick boxes and award points if they match your answers to their questions… so don’t just copy and paste reams of information about your business, take the time to address and respond to what they are looking for.
For innovators out there, make sure that you check out:
- Entrepreneurs’ Infrastructure Programme – for a matching dollar for dollar grant of up to $1m for businesses with a novel product, process or service that they wish to commercialise and trade
- R&D Tax Incentive – for a tax offset to help you to offset the costs of research and development
- Export Market Development Grant – for up to 50% reimbursement of eligible export promotion expenses to develop overseas markets