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Victoria-Israel Science and Technology R&D Fund (VISTECH)
- Applications open until: 11 September 2023
- Grants: up to $250,000
The Victoria-Israel Science and Technology Research and Development (VISTECH) Program supports market-orientated collaborative research and development (R&D) projects by Victorian (Australia) and Israeli companies with funds.
The VISTECH program funds collaborative R&D projects targeted at commercialising novel technologies or enhanced products, processes, or services that may contribute to economic development t and public benefit of Victoria and Israel through the following research and development endeavours in relation to:
- products, processes, or services based on technology
- bringing these technologies to commercial readiness
- the identification of steps to be taken in order to realise economic benefits for all parties involved; and/or
- advancing innovative technologies from proof of concept to minimal viable product (MVP) in their respective markets. This would directly benefit enterprises that have demonstrated their worth. the viability of their technology.
- MVP awards are intended to assist pre-revenue technology enterprises in engaging customers. Prior to entering a market, potential businesses, customers, or market channels must be validated for the first sale.
The VISTECH program aims to:
- provide incentives for Victorian and Israeli businesses to collaborate on research and development activities relating to the creation of technology-based products, processes, or services
- bring such innovations to commercialisation
- support all new sectors (excluding defence), particularly quantum, health- and climate-technology, artificial intelligence, and digital and synthetic biology technologies provide possibilities to develop and test new goods in both markets, as well as advance Victoria’s essential technology capabilities; and/or
- identify steps for achieving economic benefits for all parties involved
What is eligible for funding?
The grant and co-contribution amount may be spent on eligible activities and expenditures that fulfil the criteria within the following program objectives:
- promotional activities
- employee training and development expenses
- employee wages
- gaining access to facilities, capabilities, or services in order to test, verify, and validate a product, develop, or scale it up created product in preparation for new market opportunities
- acquiring capital equipment to support complete product development
- acceptable foreign activity spending is limited to 10% of total eligible expenditure unless you have received previous approval from the program delegate.
- The final decision on what is eligible is made by the Department of Jobs, Skills, Industries, and Regions activities and spending under the programme for Victorian applicants. You are only permitted to spend the grant and co-contribution financing is available for qualified expenses incurred on eligible activities.
- The Israel Innovation Authority makes the final determination on whether activities and expenditures are qualified under the programme, in accordance with the Authority’s policy.
What companies are eligible for funding?
The project partners must include:
- At least one Victorian company with a trading history and ABN
- At least one Israeli company.
Victorian Applicants must meet all of the following criteria to be eligible:
- the application is an eligible for-profit entity type or commercially focused not-for-profit; and
- the applicant is operating in Victoria; and
- the applicant’s registered office and main place of business are both in Victoria; and
- be non-tax exempt; and
- active ABN; and
- registered for GST; and
- can provide a minimum of 50 percent of the project cost
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.