Government Grants

Funding and co-funding is available through both Federal and State government. The programs that follow are for eligible innovators and are currently open.

 

Export Market Development Grants (EDMGs)

The scheme provides export-ready small to medium businesses with financial assistance; reimbursing up to 50 per cent of eligible export promotion expenses above $5,000 (provided that the total expenses are at least $15,000). Provides up to eight grants to each eligible applicant, up to $150,000 per application (subject to available funds).

 

Items that can be claimed include:

  › overseas representation expenses

  › marketing consultant expenses

  › marketing visits expenses

  › free samples expenses

  › trade fairs, seminars, in-store promotion expenses

  › promotional literature and advertising expenses

  › overseas buyers expenses

  › registration and/or insurance of eligible intellectual property expenses.

 

Patent and Trade Mark filing costs may be claimed if there is some intention to conduct business in overseas markets. Evidence of initial overseas marketing may be required (for example,  emails to potential licensees), or if there is an established business plan to market or licence IP overseas.

 

The program runs on a financial year basis. To make your claim, you must submit your completed online application between 1 July and 30 November, or you can use an approved EMDG Consultant who can lodge a claim on your behalf until 28 February.

 

For more details visit: https://www.austrade.gov.au/Australian/Export/Export-Grants/About/what-is-emdg

 

Business Development Fund

The Business Development Fund (BDF) aims to foster growth of innovative Queensland businesses, particularly those businesses at the forefront of cutting edge research, innovative products and/or services. Assessed by an independent panel of 8 experienced investors, businesses may be eligible for $125,000 to $2.5 million co-investment through the fund – which must be at least matched by a private sector co-investor.

 

The application process is 5 steps:

  1. Online application.

  2. Shortlisting.

  3. Investment pitch.

  4. Evaluation.

  5. Offer

 

After shortlisting takes place, the panel reviews the applications and those that best meet the investment criteria are invited to pitch. Panel members make the final investment decision based on a majority vote.

 

There are no Government representatives on the Investment Panel and members make an independent investment decision.

 

For more details visit: https://www.business.gov.au/assistance/business-development-fund-qld

 

R&D Tax Incentive

To encourage research and development (R&D), the Federal Government provides a tax offset for costs incurred on some eligible activities.

 

To be eligible your business must:

  › Incur eligible R&D Expenditure through a company structure;

  › Conduct experimental activity where the outcome  cannot be determined in advance;

  › Generate new knowledge by developing new or improved products, processes,  or services.

 

This scheme is currently undergoing changes as the Government is preparing draft legislation to implement the reforms announced in the Budget 2018-19. The changes will affect companies accessing the R&D Tax Incentive with income years commencing on or after 1 July 2018.

 

For more information visit: https://www.business.gov.au/assistance/research-and-development-tax-incentive

 

TIPS FOR APPLYING FOR GRANTS

When preparing a grant application:

  › Ensure you are eligible. Applications can take time and there is little point in spending time preparing an application if you do not meet all eligibility requirements.

  › Be clear about the nature of your project. Your application needs to be easy to read and understand so that it can be assessed accurately. Explain the main details of your project in plain       English and highlight how it will fit in with the other aims of your organisation.

  › Prove your need for support – to increase your chance of success give objective evidence that there is public demand for, or benefit from, your project.

  › Ask someone who is not involved in the project to read your application before it is submitted. In addition to proofreading, having a trusted third party look over your submission will ensure      that the description of the project is easy to understand and that you have addressed all criteria.

 

 

This information constitutes general information only and is current as of February 2019.

 

 

 

Translate »