Innovation Funding Grants
Innovation has become a part of Australia’s national agenda. In response to a productivity malaise in recent years, we have seen a push from Government on Federal and State levels to embrace the ‘ideas boom’.
Funding Grants are being made available to businesses and farmers who contribute to future knowledge infrastructure by ‘thinking and working outside of the box’.
Sometimes it is the case that the hype surrounding innovation and the complicated process of applying for funding can deter innovators from accessing the opportunities and resources available to them.
At Powers, we have an eye on the future and want our clients to capitalise on these opportunities. For that reason, we have prepared an overview of some of the different kinds of Funding that are available for innovators.
Advance Queensland Ignite Ideas Fund
This Fund aims to provide targeted support to start-ups and small businesses and capitalise on emerging industries by offering Grants of up to $250,000 (excluding GST). Grants are available to support activities that prove a business’ idea will assist with identifying a market or investor for a new or improved product, process or service.
Depending on the project duration, Queensland based businesses with less than 200 full time equivalent staff may be eligible for up to $250,000 if they:
- Have a product, process or service that is at, or beyond, minimum viable product/working prototype/defined target stage
- Have both the ambition and the potential to achieve high growth
- Have an identified customer, industry partner or investment.
Applications for the first round of Grants for the Advance Queensland Ignite Ideas Fund close on 22 April 2016.
It is worth noting that the Queensland Regional Start-up Ecosystem Report recently recognised the contributions that start-ups make to the growth and diversification of regional Queensland economies. In particular, agricultural technology is emerging as a strength, providing opportunities to drive development of an innovation ecosystem and entrepreneurial economy in regional Queensland. This can be interpreted as encouragement for those working in agriculture to apply alongside other innovative industries.
National Stronger Regions Fund
The National Stronger Regions Fund aims to support economic growth and sustainability of regions across Australia by supporting investment in priority infrastructure. Funding Grants of between $20,000 and $10M may be available to projects that will deliver an economic benefit to a disadvantaged region beyond the period of construction. Eligible applicants include legal entities with Australia Business Numbers (ABN), Local Government bodies and Not-For-Profit organisations.
While Round Three of Funding Applications has closed, Powers has previously succeeded in helping clients to access this grant. We believe that potentially eligible applicants should start preparation of their applications for Round Four of funding now. If you think that you may be eligible, please contact us.
Research & Development (R&D) Tax Incentive
The R&D Tax Incentive is a broad based program intended to support Australian innovation and competitiveness by providing tax offsets for eligible expenditure incurred to undertake experimental activities to generate new knowledge to develop a new or improved material product, device, process, service or methodology.
Depending on whether turnover is greater or less than $20M, applicants may be eligible for non-refundable 40% and refundable 45% tax offsets respectively.
Applicants must provide evidence that the R&D activities being undertaken generates new knowledge within 10 months of the company’s end of financial year, meaning 30 April proceeding the 30 June year end.
Our Team at Powers are experts in attaining these Grants. If you think you are eligible, we can help make the application process easier so that you can focus on your businesses innovative measures.
To talk to an expert about applying for any of these Grants or to find out more, please call us.