Let’s Tackle Innovation Together
Written by Nithini Perera
Although there are hundreds of grants available to assist start-ups in a range of different industries, preparing a successful application can often be a difficult, time-consuming, and competitive process.
Most grants are heavily entrenched in legislation and have highly legalistic eligibility requirements that many applicants may struggle with. Allied Legal, an innovation focused law firms provides the perfect solution to this by providing reliable and personalised grant assistance.
In the Hub Talk with Rahul Kumar and Talt Anast we discussed tips on preparing a successful grant application, popular grants available to small and medium-sized enterprises and things to keep in mind when applying for a grant.
How to prepare a grant application?
As government money is often allocated for grants, when preparing the grant application, it is extremely important to show that your business model benefits the Australian economy inn some way. This could be through job creation or generating spending within Australia.
Secondly, a successful applicant must show that their business has good prospects of success. ‘This comes down to how professionally you conduct and present your business’, Talt states. Thirdly, you want to show that you have a comprehensive understanding of the legislation, framework, or document that the grant stems from.
‘You need to show how your application is consistent with the purposes and requirements of the legislation’.
What are some popular grants you can apply for?
Accelerating Commercialisation Grant (ACG)
This is a $1 M matched fund (applicant needs to put up $1 M themselves to be eligible) that is available all year around. In order to be eligible three requirements need to be met:
- Business must be Australia
- Business must be seeking to commercialise a novel project- there must not be a same or materially similar product in the market already
- Business must meet the ACG turnover test- turnover of less than 20 m dollars for each financial year preceding the application for at least 3 years
- Businesses need to show that they are unable to get that funding elsewhere (e.g.- through private investors). Talt admits just how tricky this can be- ‘the business needs to be viable enough for the government to allocate funding but cannot be so viable that it can get funding through private investors.
What are the benefits of applying to the ACG?
Talt believes that not just the successful applicants, even the unsuccessful ones benefit from the application process. ACG advisers conduct audits and identify areas of improvements of a business and help implement these. After going through this, you might not even need a grant as the business may improve to such a degree that private investors may be interested.
Export Market Development Grant (EMDG)
This fund provides up to $770,000 over the course of 8 years. Unlike ACG, this is not an all year around fund and applications open 16 August 2021 and close 30 Nov 2021. In order to be eligible:
- Businesses need to be looking to export a novel product or seeking to improve or scale their exporting efforts
- Business must meet the ACG turnover test- turnover of less than
This fund is available for three tiers of clients.
First tier– applicants who are ready to export their novel product into a new market in this financial year – up to $40,000/year available
Second tier– businesses that are already exporting eligible product but are seeking to expand their export to more markets- up to $80,000/year available
Third tier– Businesses who are already exporting and are seeking to expand their commercial activity and are making strategic shift in the marketing of these products
In addition to grants of general nature, Rahul and Talt identified industry specific and temporary grants that you may apply for.
CSIRO Kick-Start grant
This is a grant available for business that are researching, developing, or testing a new or novel idea in one of the CSIRO business units or facilities.
Carbon capture, use and storage hubs and technologies program
This is a grant available for businesses involved with capture, use and storage of Carbon. An amount from $1 million to $30 million is offered for projects that research, develop, or commercialise:
- Carbon capture and storage technologies
- CO2 utilisation technologies or
- Complete feasibility and geological studies into new potential co2 storage locations
- Project expenditure must be over 2 million
As a firm that strives to provide client-focused legal services, Allied Legal has adapted a value-based pricing model that encourages clients to discuss the various funds that they may be eligible for and how to best prepare a successful application.
Their strong and capable team of lawyers that are fuelled by the passion to increase your accessibility to grants to make sure your business reaches its highest potential.
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This Hub Talk featured post does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area.
If you require any advice or information, please speak to a practising lawyer in your jurisdiction.
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