In this fast-paced digital era, businesses have to keep up with new digital and innovative technology projects. As business owners, it’s a must to stay updated while capturing opportunities around.
Victorian Government recently announced a grant for Victorian small to medium enterprises called Technology Adoption and Innovation Program.
The grant contains two streams of financial assistance to on-board innovative technologies or develop innovative, new, and commercial technology by co-contributing funding support for projects.
Technology Adoption and Innovation Program are for SMEs that are on a growth trajectory. Those eligible can be a company, a trust structure, or a partnership.
What is the Technology Adoption and Innovation Program?
On 31 March 2021, the Victorian Government opened the Technology Adoption and Innovation Program with two streams of financial benefits, including:
- up to $50,000 for Victorian SMEs to adopt technology and digital solution.
- up to $50,000 for Victorian technology companies to implement defined projects to develop commercial technology or digital products.
Both streams will provide grants on a 1:1 co-fund basis between the company and the government, respectively.
How much can we get?
Funds provided through the program range between a minimum of $20,000 and a maximum of $50,000. Moreover, funds will be supplied on a co-contribution basis at a ratio of 1:1 for applicant cash contributions and government funding.
Under both Streams, each successful SME will be required to contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure. And if you’re applying for Stream 2 funding, you must also demonstrate that your business model provides technology products and services.
How does Technology Adoption and Innovation Program work?
The benefits that you will get as Victorian SMEs are:
- implementing new digital and innovative technologies such as e-commerce, artificial intelligence, data analytics, cybersecurity, Internet of Things, or robotics in your business practices and operations. This will increase your business productivity and competitiveness, as well as contribute to Victoria’s economic recovery.
- developing technologies to further develop innovative, new, and commercial technology products and services. This benefit enables you to contribute to Victoria’s economic recovery as well.
How do we apply?
To get these funds, you have to submit an application online through the Business Victoria page and kindly read all the information, the program guidelines, and the FAQs before applying.
This application will be open until 11:59 pm on 19 April 2021 or until the funds are exhausted, whichever is earlier. The Technology Adoption and Innovation Program will end on 30 June 2022.
We can assist you in the application and answer any technology questions you may have. Please contact Digital Envision if you would like to proceed with the grant.
Technology Adoption and Innovation Program is grants from Victoria Government to assist Victorian small to medium size enterprises to help adopt or develop new digital and innovative technology projects through two streams of funds. We believe that this opportunity is a great chance for your business to level up.
If there is anything else you need or require our assistance with your business, please contact us at [email protected]. We aim to reply you within an hour.
Sources: Business Victoria