The Victorian Government has just announced the Future Industries – Sector Growth Grant program.
The Fund has been created to focus on increasing growth and developing high value industry sectors to further enhance Victoria’s competitive advantage by building on existing strengths in each industry sector.
Sector strategies have been developed to support these growth areas including:
- Medical Technologies and Pharmaceuticals;
- New Energy Technologies;
- Food and Fibre;
- Transport Technologies;
- Defence Technologies;
- Construction Technologies;
- International Education; and
- Professional Services.
The Sector Growth Grant Program provides grant funding for projects designed to support the Future Industries Sector Strategies. Specifically, projects that will:
- drive growth, productivity and competitiveness of Victorian firms;
- encourage collaboration between organisations operating in the future industry growth sectors;
- leverage co-investment into projects with clearly defined outputs/outcomes;
- create new sustainable local jobs for Victorians; and
- offer value for money from Government funding.
GRANTS – There are 2 types of grants available:
- Stream 1 – Scoping, Planning and Feasibility – Grants of up to $100,000
Relevant activities may include but are not limited to:
- road mapping
- supply chain analysis
- sector capability audits
- economic impact analyses
- feasibility studies
- sector opportunity analysis
- pathway to market strategy
- Stream 2 – Project Implementation – Grants of up to $1M to implement projects
Relevant activities include but are not limited to:
- shared infrastructure solutions
- piloting new technologies, such as demonstration plant/equipment
- establishing consolidated industry capability.
All funding must be matched by a minimum cash co-contribution of $1 for every $1 funded.
To be eligible for funding under either stream the application must be submitted on behalf of a consortium of organisations. Each consortium must:
- comprise at least 3 organisations, including a lead applicant organisation, whose principal place of business is in Victoria or with a significant business presence in Victoria;
- include at least one Victorian small or medium enterprise (SME) employing up to 200 full time equivalent (FTE) employees; and
- be able, as a consortium, to meet the co-contribution requirements .
To be eligible each consortium member organisation must:
- have an Australian Business Number (ABN);
- be entirely separate legal entities;
- not be owned by the same parent company;
- not be related bodies corporate within the meaning of the Corporations Act 2001;
- not share governance structures; or
- not have common directors, secretaries, officers or senior managers.
Each consortium member organisation making a cash co-contribution must also be willing and able to provide financial reports for up to the last three financial years for risk assessment purposes.
Consortiums are encouraged to include a diverse range of organisations and can include:
- private sector businesses;
- not for profit organisations, such as educational or health institutions, that are an incorporated body, cooperative or association (including business and industry groups), and have an Australian Business Number (ABN);
- Victorian local government authorities; and
- Victorian public sector agencies.