What is Boost Your Business Vouchers Program?

The Department of Jobs, Precincts and Regions (DJPR) has established Boost Your Business Vouchers to support Victorian businesses to become more productive, employ more people, improve market access and in general, increase their scale, diversity and profitability.

 

Background

The Victorian Government launched the Boost Your Business Voucher Program (BYB) in December 2017 to support Victorian businesses to become more productive, employ more people, improve market access and in general, increase their size, diversity and profitability.

BYB funds Victorian businesses through distinct streams targeted at Victorian Government policies and strategies. Funding is provided through Vouchers and is available to projects that support the BYB objectives. Individual funding streams have additional objectives and requirements.

Vouchers are used by Victorian businesses or organisations in exchange for services that will build their capabilities in three main areas:

  • Market Engagement – services to assist companies and organisations to identify and secure international market development and export opportunities.
  • Innovation – services to assist companies to develop or commercialise new products and improve process innovation.
  • Business Capability – services to assist companies to position them to support future growth.

 

Objectives

The three main objectives of the Boost Your Business Voucher Program (BYB) are to:

  • Increase the number of Victorian businesses entering new export markets and securing supply chain opportunities;
  • Increase the number of Victorian businesses developing and commercialising new products and services through research and development and generating improved productivity through process innovation;
  • Improve the capability of Victorian businesses to accelerate growth and realise new opportunities.

 

Voucher Streams

The Boost Your Business services will be provided to Victorian SMEs under one or more of the following Boost Your Business voucher streams:

 

Funding

Each Voucher Recipient may be able to receive up to:

  • $50,000 under the Advanced Victorian Manufacturing Stream
  • $50,000 under the Asia Gateway Stream
  • $50,000 under the Defence, Aerospace, Cyber and Security Stream
  • $50,000* under the Food Innovation Stream
    • *Up to $10,000 for early stage feasibility and testing vouchers
  • $25,000 under the Social Enterprise Capability Stream
  • $50,000 under the Victoria Israel Innovation Stream

 

Eligible Projects

Projects funded through a Boost Your Business Voucher are growth orientated activities undertaken by the Recipient that, by using the expertise of a Registered Service Provider, will assist the Recipient to become more productive, employ more people, create market access and in general increase their scale and profitability.

Eligible activities include:

Advanced Manufacturing Stream

  • Manufacturing Voucher – Projects that will increase the development and adoption of new or improved products and advanced manufacturing processes:
    • Process Innovation
    • Product Development
    • Intellectual Property
  • Enhancing Manufacturing Capability Voucher – Projects that will increase the adoption of new or improved capability, business models and business processes.:
    • Business Process and Systems Improvements
    • Financial Management Planning
    • Industry Standards Implementation & Certification
    • Tender Guidance
    • Marketing and Branding Strategy
    • Market Development Plan
  • Fastrack to Export Voucher – Projects that will increase the number of Victorian manufactures entering new export markets and securing global supply chain opportunities:
    • Marketing and Branding Strategy (international)
    • Market Development Plan (international)
    • In-Market Support (international)
    • Intellectual Property (export related)

Asia Gateway Stream

Eligible services under the Asia Gateway Voucher stream come under the overarching umbrella of Market Engagement which will assist companies and organisations to identify and secure Asian market development and export opportunities. Services activities may include:

  • Marketing and Branding Strategy Development
  • Market Development Plan
  • In-Market Support

Service activities are only eligible for the State’s top Asian trading partners, which include:

  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam

Defence, Aerospace and Security

  • Innovation – Projects that will increase the development and adoption of new or improved products and advanced manufacturing processes:
    • Process Innovation
    • Product Development
    • Intellectual Property
    • Early stage feasibility & testing
    • Research & Development
  • Business capability– Projects that will increase the adoption of new or improved capability, business models and business processes:
    • Business Process and Systems Improvements
    • Business Transformation
    • Financial Management Planning
    • Industry Standards Implementation and Certification
    • Tender Guidance
    • Marketing and Branding Strategy
    • Market Development Plan
  • Market Engagement – Projects that will increase the number of Victorian manufactures entering new export markets and securing global supply chain opportunities:
    • Marketing and Branding Strategy (international)
    • Market Development Plan (international)
    • In-Market Support (international)
    • Intellectual Property (export related)

Food Innovation Stream

Eligible organisations can apply for a Food Innovation Voucher for the service activities listed below:

  • Early stage feasibility and testing
    • initial feasibility plans
    • stress-testing of early concepts
    • identifying and mapping pathways between businesses and innovation service providers (e.g. a research institute).
  • Process innovation