Whilst the final revision was expected to be released on 1 December 2014, the announcements made on 1 November now appear to be the final version of the new Entrepreneur Infrastructure Program and its related grant funding.

The latest announcements included:

  • Accessing Commercialisation grants;
  • Extending the supply chain facilitation program; and
  • Wider Business growth services.

The grants continue to be aimed in improving Australia's knowledge base and manufacturing skills and this round opens the door for start-up and non-manufacturing companies. With the R&D tax concession deadline fast approaching and the EMDG program just closed on 30 November, we will take a closer look at the accelerating commercialisation program. It may be that you can claim your tax rebate on R&D costs AND reimbursement of export market development costs PLUS get some funding for the next stage of your product commercialisation. Even up to $1M over a maximum 2 year project period.

In today's market where cash flow is king accessing these programs can make a large difference to a business's viability and return on investment.

So what is available?
Accelerating Commercialisation

This program applies to services and grants available to find commercialisation solutions for novel products, processes or services. It is a merit based funding system where applicants can access funding for up to 25% of eligible project costs for a maximum 2 year period. The grants are capped at $250K for commercialisation offices and partners or $1M for all other applicants.

The merit based application system requires information on aspects such as –

  • Why there is a need for funding;
  • The market opportunity;
  • Management capacity to execute the plan; and
  • National benefits

Am I eligible?
The difference with this grant is that start-up businesses can apply so long as the company has been set up with a view to profit. There is also a cap on consolidated revenue of $20M hence making this grant attractive to new smaller group and companies needing funding for new products. Industry wise, there is also no requirement to be in manufacturing or one of the 5 growth sectors which is a key eligibility criteria for the Entrepreneurs Growth Grants.

Generally the grant will require a prototype to have been designed and tested to obtain funding as the grant does not fund research & development. Overall the likelihood of the product making it to market must be high and this story needs to be told via the application and merit criteria. It is expected that IP may result in a patent however you can apply where a patent is pending. This grant is also project based. So you can actually apply for funding for more than one project.

What is the process?
An expression of interest needs to be submitted which will be reviewed and referred to a commercialisation advisor appointed by AusIndustry. That advisor will then provide feedback and ideas and refer you to the application form.

Once your application is submitted it is reviewed and you are notified of your applicable funding amount. Funding is then paid on a quarterly basis after submission of your progress report.

How do I access this grant?
Just call us. We can take you through the workings of the program and help you with your application process. We can also advise on opportunities for R&D tax claims and EMDG reimbursements.

If you are a start-up, or existing company, with a new product this grant can help you fund the cost of getting your product to market.

This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2014 Moore Stephens Australia Pty Limited. All rights reserved.