South Australia has launched a new Research, Commercialisation and Startup Fund, with a focus on early-stage startups and scaling-up established businesses.
The $28 million fund will also support collaboration between enterprise, researchers and universities and the commercialisation of new products and services, building research and research infrastructure capability in South Australia.
What Projects are Eligible for Funding?
The funding is allocated into three streams, each stream is able to fund specific projects.Stream 1: Strategic Research Initiatives
Supports research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia.Stream 2: Startup and Early Stage Company Incentive
Provides entrepreneurs with funding to start and scale their innovative early-stage business.Stream 3: Entrepreneurship and Innovation Ecosystem Initiatives
Supports programs, events and activities that have broad benefit to the startup community.
Note: Stream 1 and 3 calls for proposals to address specific initiatives will be announced with details of timing and funding to be specified from time to time.
What companies are eligible to apply for the grant?
South Australian researchers, entrepreneurs and businesses.
Startup businesses are eligible as long as they are South Australian based and have an ABN. This includes a body established by or under an Act of the State or a company or registered body within the meaning of the Corporations Act 2001.
How much money can I receive with the grant?
There is a total of $28 million allocated to the grant funding.
The amount of money you can receive will depend on the Stream you apply for.Stream 1: Aims to support research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia.
Provides entrepreneurs with funding to start and scale their innovative early-stage business.Stream 2: Provides participants with access to funding to grow their innovative early-stage business and has three entry pathways:
Bootstrap Pathway - 1:1 matched funding of up to $100,000 to fund a startup's early stages.
Incubator Pathway - 2:1 matched funding of up to $100,000 for early-stage startups partnered with an incubator, accelerator or value-add investor.
Scale-up Pathway - provides co-investment ($100,000 - $1 million) alongside private funding and is designed for companies that are addressing a known gap in the market with significant private investment.
Stream 3: Aims to build South Australia’s startup ecosystem by supporting programs, events and activities that have broad benefit to the startup community.
When does the grant open/close?
The grant is now open and is ongoing, meaning there is no closing date. However a specific budget is allocated, meaning once it is exhausted no more funding will be able to be allocated.
What are the key requirements?
A level of co-contribution is required for all applications. This means you must have money prepared to invest in the project you are applying for funding for, before you can receive funding.
Do I need to pay back the money if I win the grant?
No, grant funding is not required to be paid back.
Is this a competitive or entitlement grant?
Competitive. This means there’s a select amount of funding available and your project will be competing with similar projects looking for the same funding.
How can I increase my chance of winning a grant?
By engaging an accredited government grants consultant, such as Avant Group.
Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.
As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.
- Grant application write-up including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project
- Stakeholder relations and Risk Mitigation Plans
- CAPEX (Capital Expenditure) cost-benefit analysis
- Cost-Benefit Analysis of Grant Funding
- 3-5 year Balance Sheet Forecast
- 3-5 year Cash flow Forecast
- Industry analysis presentation
- Competitor Analysis Presentation
- Marketing and Sales Analysis Presentation
- End-to-end grant application including information collating, analysis and application writing
- Any other relevant forecasting that will support your application
How can I get help with my application? Or know if I’m likely to win funding?
Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.
Get in touch with us by filling in our enquiry form, or phone our head office on (03) 8640 0914.