In the dynamic landscape of Australian startups, accessing Government Grants can be a game-changer. There are over 500 Government Grants and funding for new and existing businesses in Australia. Plenty of these grants are available to startups and small businesses.
Navigating through the maze of available opportunities requires a strategic approach and a good understanding of the resources at your disposal. This blog aims to serve as your essential guide to the myriad of available Government Grants, providing insights to help Aussie startups unlock their full potential.
So, let's dive into available Government Grants for startup businesses based in New South Wales (NSW).
Research and Development (R&D) Tax Incentive
Who it’s for:
The objective of the R&D Tax Incentive is to provide support to eligible companies that are resolving scientific technical uncertainties to develop innovative products and processes.
Key details:
- Provides a tax offset for eligible R&D activities, encouraging innovation and technological advancement.
- Companies with aggregated turnover below 20M can receive a refundable tax offset of 43.5% of eligible costs paid as a cash rebate.
- R&D activities need to be conducted in Australia.
- Eligible costs can include salaries, superannuation, contractors, consumables, and a ratio of overheads like rent.
- Applications can be submitted to AusIndustry for ten months after the end of the financial year. For more info click here.
- Find our more about R&D Grant.
Related: A Checklist for Registering Your R&D Activities
Export Market Development Grant (EMDG)
Who it’s for:
The EMDG aims to help Australian SMEs grow their exports in international markets by contributing to the cost of marketing/promoting their goods and services overseas.
Key details:
- Austrade assesses applications and makes a grant offer to each eligible applicant
- Offers are based on the total funding pool and the number of eligible applicants
- If you accept the grant offer, you enter into an agreement with Austrade, specifying the amount and timeframe.
- Small to medium enterprise (SME) exporters can apply for grants over 8 years in total.
- Grants for businesses are available in 3 tiers with each providing a different level of support for SMEs as they grow their export markets. The tiers are:
- Ready to export
- Exporting and expanding
- Exporting, expanding and strategic shift.
- Round 3 is closed. Round 4 is likely to open for applications in late 2024.
- Visit Austrade for more info.
The MVP Venture
Who it’s for:
The MVP Ventures program is designed to support NSW businesses throughout their commercialisation journey. If you successfully complete a project funded by the program, you can reapply for more funding if it meets the program criteria.
Key details:
- Grant value: $25,000-$50,000
- The objective of the MVP Ventures Program is to:
- support businesses to increase the commercialisation of innovative products and processes in NSW
- attract and retain commercialisation activities in NSW.
- This program is administered by Department of Enterprise, Investment and Trade.
- Applications Round 1 open: 4 December 2023
- Applications Round 1 close: 4:30pm AEST, 30 April 2024
- Visit the Grant site for more info.
Related: The New MVP Ventures Program: Round One opens 4 December 2023
Landing Pads
Who it’s for:
In contrast to typical grants, Austrade’s Landing Pads program provides distinctive support to eligible startups, specifically tailored for startups prepared to expand their business on a global scale.
Key details:
- Landing Pads provide participants an online or in-market program delivered from one of Austrade's 6 Landing Pad locations: London, New York, San Francisco, Singapore, Shanghai, India, along with access to mentors, investors, talents, and networks in these innovation hubs.
- Prioritise markets and validate market entry plans.
- Check readiness for expansion into new markets.
- Gain advice, connections and introductions to aid market entry.
- Visit the Grant site for more info.
Azure Group are Grant Specialists!
Our consultants at Azure Group have prepared and managed hundreds of Grant Applications with the strongest success rate through our proven expertise and experience in grant writing, including managing the often ominous audit process.
Our process involves conducting interviews with you to ensure we thoroughly understand you product, business and financial performance to prepare your Grant Application, including reviewing your records to assess whether they are appropriate for substantiation. If you need help with your grant application, please get in touch.
Have you noticed our #FridayExpertTips... Here's one that relates to R&D Tax Incentive
"The costs of innovation can be offset by the R&D Tax Incentive. It doesn’t matter if you’re in a lab, on a factory floor, or behind a computer – innovation is innovation! Talk to our team!"
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