Business Grants Guide

INNOVIC—www.innovic.com.au

This not-for-profit organisation provides several practical services to assist innovative SMEs in the early stages of establishing a commercial business. Among the services offered is the Next Big Thing Award—an annual competition to promote innovative Australian products which could potentially become ‘the next big thing’. As a significant event during the Australian Innovation Festival, the awards receive substantial media coverage. Winners will also receive a share in cash and prizes valued at $30,000.

National Innovation Website—www.innovation.gov.au

The National Innovation website raises awareness of the importance of innovation and entrepreneurship to SMEs. A variety of information is provided to assist small to medium businesses in the implementation of their innovative ideas. The information and links supplied support SMEs in the growth and development of their business.

Northern Territory Research and Innovation Board and Fund—www.nt.gov.au/business

The Northern Territory Government created the Research and Innovation Board and Fund to support the development of innovative ideas, products and services in the Territory. The grants on offer include the Innovation Grant, and the Research and Development Grant, aiming to create a partnership with SMEs who conduct innovative research. All ideas which display a benefit to the Territory will be considered, though preference may be given to local applicants.

NSW Small Business—www.smallbiz.nsw.gov.au

Found within the Department of State and Regional Development, NSW Small Business is the government information site for small businesses. Among the competitions offered to support small business innovation is the Young Bizstar Pitching Competition. Entrepreneurs between the ages 18 to 35, who either have an innovative business idea or are starting up a new business, can compete for more than $18,000 worth of business support.

Queensland Department of State Development—www.sd.qld.gov.au

This department handles the Queensland Government’s economic development and negotiates innovation at other levels within the state government. The department develops economic growth through the following programs:

* The Innovation Start-up scheme promotes innovation in Queensland and relieves the financial pressure during the early stages of commercialisation. Queensland-based SMEs are eligible for grants between $50,000 and $80,000. However, funding must be matched on an 80:20 basis (government 80 percent, applicant 20 percent).

* The Smart Awards recognise innovative Queensland businesses and their products, processes and services. Successful applicants in each category receive a cash prize of $10,000.

*The Queensland Industry Development Scheme aims to assist businesses to innovate and develop. Assistance is provided on a dollar-for-dollar basis, with a minimum of $5,000 and a maximum of $50,000 per project.

Small Business Development Corporation—www.sbdc.com.au

The SBDC is an agency within the Western Australia Government, focused on the development of the small business sector. SBDC offers support programs to innovative SMEs in Western Australia, including the Innovation to Market (ITM) program, designed to assist small businesses when commercialising innovative ideas. The ITM program supports SMEs while planning their commercialisation approach and assesses any possible challenges.

South Australian Department of Trade and Economic Development—www.southaustralia.biz

Promoting business innovation through events and workshops, the Department of Trade and Economic Development is now also offering an Innovation Development Grant. Funds can be used to offset numerous expenses, including marketing, commercialisation, and mentoring costs. Applicants must be a registered and solvent South Australian business, with a two- year history, and an annual turnover between $500,000 and $5 million.

Tasmanian Department of Economic Development—www.development.tas.gov.au

This department is the main source of information for developing businesses in Tasmania. The department grants innovative Tasmanian businesses the following assistance:

* Early Stage Commercialisation Assistance. Applicants who are in the early stages of commercialisation can receive up to $20,000 on a two-for-one dollar basis. The fund is only for use towards direct costs incurred while commercialising the innovative product or service.

* Mentoring Assistance aims to further develop innovation, commercialisation and business skills. A grant of up to $20,000 is available on a three-for-one dollar basis.

* Commercialisation Assistance is available to applicants who are in the process of commercialising their innovative product or service. Applicants may be eligible for up to $150,000 on a two-for-one dollar basis.

* The Market Ready Commercialisation Program (Market Ready) provides the skills necessary for SMEs to commercialise their innovative idea and put it on the market. Successful applicants will receive the opportunity to attend a series of workshops over a period of 10 days, worth around $5,000.