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Future Industries Investment Program
- Applications Open: until 13 January, 2023
- Grants: at least 50 per cent of project cost up to $30 million
The $30 million Future Industries Investment Program is a competitive grant program that provides uncapped funding for projects with matched investments of at least 50 per cent or eligible businesses that can create at least 20 full-time equivalent (FTE) jobs in NSW.
The aim of the Future Industries Investment Program is to boost economic productivity by drawing investment in the focus precincts, technologies, and priority industries specified in the NSW Industry Development Framework.
The program presents more chances to encourage businesses to grow and locate in NSW, improve local productivity and promote the ecosystems and industries that form the foundation of a sustainable and resilient economy.
The application process is comprised of two stages:
Stage 1 — Eligibility application stage
Eligibility applications must include:
- the organisation’s details including ABN or other identifier
- short description of the applicant’s primary business activities
- a short description of the project scope and timing.
- the estimated dollar value of funding requested, including major expense items for which rebates are sought
- the estimated total cost of the project
- an estimate of the number of net new full-time equivalent jobs created by the project and the wages expected to be paid for each job or role
- the intended or likely location of the project in NSW.
- if the project will proceed outside of NSW without funding, evidence of consideration of alternative locations
- how the business activity was undertaken as a result of the project would enhance productivity in the NSW economy
- how the project aligns with one or more priority industries or precincts as listed in the NSW Industry Development Framework
- Funding previously received for this proposed project from the NSW Government or a Government in another Australian jurisdiction
- commitment to providing the level of information and documentation required at the detailed application stage within the timelines of the Program.
Stage 2 — Detailed application stage
During the detailed application stage, applicants will need to provide information including (but not limited to):
- details of the project scope, including jobs created and expected wages, the timeframes for the delivery of outcomes, success measures, and any other relevant information
- a feasibility study and project plan for the project, including any supporting quotes or technical documents, and details of how the proposal would be implemented
- completed data sheet (a template will be provided) for the project, including project cost estimates and sources of major inputs, cash flow projections, underlying assumptions for the project’s lifecycle, and information on how many jobs and other quantifiable benefits the project will create over the first five years (at a minimum)
- evidence of readiness of the project, including the status of development applications, landowner’s consent and/or regulatory approvals where required or applicable
- applicant’s financial statements (trading, profit and loss statements and balance sheets) for three continuous years ending with the latest available year. An audited financial statement must be provided for the last financial year (2021-22 financial year for Australia-based applicants, if available)
- any research and development component linked to the project
- potential future products or productivity gains arising from the project
- the requirements for successful implementation and identified risks and their mitigants and/or controls
- financing and funding arrangements that might be relevant for consideration under the project
- evidence of experience in delivering projects similar in scope and scale to the project or otherwise demonstrating capability and capacity to deliver the project
- confirmation of the co-contribution to the project, including from the applicant and other sources
- confirmation of how the project aligns with one or more priority industries, technologies or precincts as listed in the NSW Industry Development Framework.
What is eligible for funding?
For projects to be assessed as eligible they must:
- Commit to:
- creating a minimum of 20 ongoing net new FTE jobs in NSW, or
- investing a minimum of $3 million capital expenditure (excluding funding from this Program) within NSW as part of the overall project.
- Be in one (or more) of the following as listed in the NSW Industry Development Framework:
- priority industry – either existing or emerging
- an industry that facilitates the use of the core enabling technologies, or
- can demonstrate that it would enable a focus precinct.
- Demonstrate the project will commence within 12 months of all parties signing the Funding Agreement.
- Demonstrate the project will meet the employment or investment criteria in point 1 within two years of all parties signing the Funding Agreement and without additional NSW Government support beyond the agreed funding.
- Demonstrate the project will have a minimum co-contribution of at least 50% of the total project cost
- Demonstrate that the project would not proceed as proposed in NSW without Government support.
- Demonstrate how the project will lift industry productivity in NSW.
Examples of eligible projects include:
- relocating business operation/s from outside NSW
- provision of industry-specific infrastructure that enables a target industry in a priority precinct
- onshoring of activity currently done overseas to an NSW location
- overseas or interstate company establishing operations in NSW
- introduction of a new technology or process in existing NSW operations.
What companies are eligible for funding?
- clean energy and waste
- defence and aerospace
- digital systems and software
- medical and life sciences.
- international education
- visitor economy
- agriculture and agrifood
Core enabling technologies
- advanced manufacturing
- digital technology including fintech.
Is this grant competitive or entitlement based?
Competitive. Your application will be assessed among other applications by a judging panel.
How can I increase my chances of winning this 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 writeup 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
- Industry analysis presentation
- Competitor Analysis Presentation
- Marketing and Sales Analysis Presentation
- 3-5 year Cashflow Forecast
- 3-5 year Balance Sheet Forecast
- Cost-Benefit Analysis of Grant Funding
- End-to-end grant application including information collating, analysis and application writing
- CAPEX (Capital Expenditure) cost-benefit analysis
- Stakeholder relations and Risk Mitigation Plans
- 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.