The Federal government’s new Entrepreneurs’ Infrastructure Program has commenced.
New Grant – Entrepreneurs’ Infrastructure Program
• The Federal government has announced that it will progressively phase in the commencement of the Entrepreneurs’ Infrastructure Program from the 1st July 2014.
• The Entrepreneurs’ Infrastructure Program is designed to incorporate some of the aspects of the discontinued Enterprise Connect Program and the discontinued Commercialisation Australia Program.
• The programs to be offered by the Entrepreneurs’ Infrastructure Program include:
– Business Management
– Research Connections
– Commercialising Ideas
• The Business Management stream helps CEOs and managers take time out to work on their business, rather than in their business.
• The program will be supported by advisors drawn from the private sector, who will encourage businesses to develop explicit plans for improvement and will be able to access limited funding to bring in additional specialists.
• The funding is on a 50/50 basis and up to $20,000 is available. The funding is available to engage external expertise to implement projects, recommended in the business evaluation.
• The government has indicated that the eligibility requirements will probably be as follows:
– The business must be operating for more than three years.
– The business must have sufficient turnover levels (not yet announced).
– The business must be operating in an eligible sector, which could include:
• infrastructure-related construction;
• information technology and communications;
• creative industries;
• food processing;
• medical and pharmaceutical;
• energy and resource management;
• professional services; and
• freight, transport and logistics.
The Business Management program is scheduled to commence from the 1st July 2014.
• The government has indicated that this program is to assist businesses to understand the value of research and to give advice on how to engage a researcher, to assist with a program.
• The applicant must match funding of up to $50,000 to support the cost of bringing research capabilities into the business, for projects to be conducted over the next 3-12 months.
• Advice in accessing appropriate research advice from institutions.
• The government proposes to commence the Research Connections Program on 1st September 2014.
• The program will include a range of tailored commercialised services, designed to provide entrepreneurs and innovative businesses access to advice, connections and support, to enhance their prospects of commercial success.
• Matching funding of up to $250,000 is proposed, to assist businesses to progress the commercialisation of their new idea.
• The types of activities that could be funded include:
– The development of a business or commercialisation plan.
– An intellectual property protection strategy.
– Proof of concept work to establish the commercial viability of a new product or service, including prototyping.
• These activities could be undertaken over a period of up to two years.
• To access this funding, the project must involve development of a new product, process or service with a compelling value, proposition and a significant market opportunity.
The government proposes to commence the Commercialising Ideas Program on 1st November 2014.
ESS BIZGrants is launching a new version of its popular website, which assists accountants to identify government grants that might be suitable for individual small business operators. A FREE webinar will be held on Wednesday, 30th July 2014 at 12pm AEST
What will you learn?
How the new version of ESS BIZGrants will streamline the process of identifying grants for which your SME clients might be eligible.
• How the government’s new program offers Business Evaluation for eligible SMEs and how the Business Growth Grant Program can assist clients in specific industries.
• Understanding how the ESS BIZGrants’ ‘Grant Eligible Report’, customised with your firm name and that of your client, will show your clients how proactive your accountancy business is.
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