2 startup innovation projects RER GG invested both received the Goverment Funding Grant:
The Australian government provides quite a variety of grants to SMEs in the Product Innovation & Research category. While most of these grants are funded by the Federal Government, some state governments also provide grants for businesses located in their area. In this section, we will discuss some of the grants available in the Product Innovation & Research category and their eligibility requirements.
Federal Government Funded Grants
One of the grants funded by the Federal government in this category provides SMEs with a funding match up to $50,000 to hire research experts to assist them to grow their businesses. In order to be eligible for this grant, businesses must have an Australian Company Number and should be registered for GST. The turnover should be less than $1.5 million in the year of application as well as two years before that. Businesses should be relatively new and not be registered for more than 3 years.
Another grant provided by the Australian government allows SMEs to claim up to $1 million in matching funds to help them bear commercialisation costs and costs involved in bringing an innovative product or process to the market. Businesses that want to apply should be registered as for-profit organisation and based in Australia. Under this grant, SMEs can also seek the services of experts for guidance and portfolio services.
Yet another grant provided by the Australian Government to SMEs working towards product innovation includes a matching fund of up to $50,000 along with the services of a dedicated skilled facilitator. The skilled facilitator’s main purpose is to help the company assess its research needs and if required, connect it to the business experts to define its project scope. To be eligible for this grant a business:
should be registered as a for-profit organisation
should be registered for GST and non-tax exempt
should be based in Australia
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