The Victorian Government has announced that it will provide grants of up to $50,000 to support Victorian businesses to improve their technology-based processes as they begin to recover from the impacts of the COVID-19 pandemic.
The Technology Adoption and Innovation Program (TAIP) is a $5 million initiative designed for Victorian small to medium-size enterprises (SMEs) to implement innovative technologies or develop innovative, new commercial technology.
Here, we provide an overview of the TAIP, eligible projects and the considerations you should make if you apply for a grant. If you’re thinking of submitting an application, you’ll need to be quick. Applications close on Monday, 19 April 2021.
How the grants are structured
Grants provided through the program range between a minimum of $20,000 and a maximum of $50,000. These grants will be provided on a co-contribution basis at a ratio of 1:1 for applicant cash contributions and Government funding.
Cybersecurity, eCommerce platforms, adopting new software among a range of opportunities
With the experience of 2020 shaping your future business plans, you may have found that you need to upgrade your cybersecurity framework. Or perhaps you’ve discovered that your business now operates through multiple revenue streams, and you don’t yet have a strong system to allow you to understand the unique cost structures of each. Further, you may be experiencing inefficiencies in your operations that could be improved by adopting or developing new technologies. These are all the types of opportunities that the TAIP may support.
A range of initiatives are eligible
Two project streams have been established, each offering grants of up to $50,000. Stream 1 assists Victorian SMEs to adopt technology or digital solutions to improve their processes and productivity and support their future growth. The second stream is for SMEs seeking funding to support innovative, commercial technology development. You’ll have 12 months to implement the improvements if you’re approved.
Stream 1 projects: Improve processes and productivity
Examples of the kinds of projects eligible for stream 1 funding include:
- adoption of specialised technology or equipment (including software)
- introduction of digital tools to manage business systems
- digital health and safety solutions
- cybersecurity enhancements
- robotic systems
- 3D printing processes
- materials science solutions
- Industry 4.0
- introduction of new eCommerce platforms for customers
- virtual reality technology to enhance customer service and experiences
- artificial intelligence or machine learning processes
- implementation of data analytical tools to improve insights into customer behaviours
This list is not exhaustive, and we encourage you to talk to us and consider how your upcoming projects may be suited to this program.
Stream 2 projects: Development of new and innovative technology products and services
Examples of the kinds of projects eligible for stream 2 funding include, but are not limited to the following areas:
- application of micro or nanotechnology to enhance existing products
- software and services (including fintech, B2B messaging and PCB software)
- healthcare equipment and services
- retail technology
- technology hardware and equipment
- digital construction technologies
- manufacturing and process improvements
- projects in the media and entertainment industry
Activities outside this list will be considered on a case-by-case basis by the Department of Jobs, Precincts and Regions in its sole and absolute discretion.
Consider technology in your business and ask for help
Our team, a range of specialists across ICT, strategy and commercial advisory, can help you uplift your systems and operations to ensure your business is maximising its potential. If you think you may be eligible to submit a grant application, or you’d like to consider how you could implement one of the projects above to grow your business, contact a Pitcher Partners specialist below.
View further information about the grants and submit your application here.