What is the Technology Adoption and Innovation Program?
The Technology Adoption and Innovation Program is a grant opportunity to support eligible Victorian small to medium size enterprises (SMEs) to on-board innovative technologies or develop innovative, new and commercial technology by co-contributing funding support for projects.
Background
The Technology Adoption and Innovation Program (TAIP) is a $5.0 million initiative designed for Victorian small to medium size enterprises (SMEs) to on-board innovative technologies or develop innovative, new, and commercial technology.
The two objectives of the Technology Adoption and Innovation Program are to:
- Enable Victorian SMEs to invest in their business to implement new digital and innovative technologies that will improve their business productivity and competitiveness. This may include adopting new technologies and solutions such as ecommerce, artificial intelligence, data analytics, cyber security, Internet of Things or robotics in their business practices and operations; enabling them to contribute to Victoria’s economic recovery; and
- Support Victorian SMEs involved in technology development to further develop innovative, new, and commercial technology products and services, enabling them to contribute to Victoria’s economic recovery.
Funding
The program contains two streams of financial assistance:
Stream 1 – SME technology and digital adoption
Grants of up to $50,000 for Victorian SMEs to adopt technology or digital solutions to improve their processes and productivity and support their future growth.
Stream 2 – Innovative, commercial technology development
Grants of up to $50,000 for Victorian technology companies to implement defined projects to develop commercial technology or digital products.
Eligible Projects
Applying Victorian SMEs must be investing in their business operations to help meet the program objectives.
Applicants will be asked in their application to make a case for how the project will support the TAIP’s objectives and show how the use of the grant funds will facilitate the project’s outcomes.
Stream 1 – SME technology and digital adoption
Victorian SMEs are required to propose a project that will assist them to on-board new digital or innovative technology that will improve their business growth, employment opportunities or ability to deliver goods or services into new markets. Examples of technologies within Stream 1 projects include but are not limited to:
- 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
- introduction of new eCommerce platforms for customers
- virtual reality to enhance customer service and experiences
- artificial Intelligence or machine learning processes
- implementation of data analytical tools to improve insights of customer behaviours.
SMEs in partnership with their chosen technology service provider(s) will have up to 12 months to implement and finalise the adoption of the new technology solution into their business.
Stream 2 – Innovative, commercial technology development
Stream 2 projects will support the development of new innovative technology products and services, including but not limited to projects in the following areas:
- application of micro or nanotechnology to enhance existing products
- software and services (including fintech, B2B messaging, PCB software)
- healthcare equipment and services
- retail technology
- technology hardware and equipment
- manufacturing and process improvements
- media and entertainment.
Stream 2 grant funding can be used for the following types of activities:
- prototyping, evaluation and testing of new products
- design work
- enhancement with material science
- hiring a new in-house technology specialist.
Any other activities will be considered on a case-by-case basis.
Eligible Applicants
The program is open to SMEs that are on a growth trajectory.
These eligible SMEs can be a company, a trust structure or a partnership.
Eligible SMEs must meet the following criteria to be eligible for assistance under the program:
- be an eligible legal entity
- operate a business located within Victoria; and
- hold an Australian Business Number (ABN) and have held that ABN at 1 September 2020; and
- be registered for Goods and Services Tax (GST) on 1 September 2020; and
- employ at least 5 FTE (full-time equivalent) staff at 1 September 2020 (preference will be given to Applicants that employ less than 200
- people); and
- attest that they:
- can contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure and match any grant funding on a 1:1 fund basis; and
- have met all industrial relations obligations as an employer in accordance with the National Employment Standards; and
- will participate in future program evaluation activity; and
- if applying for Stream 2 funding, demonstrate that its main business model applies to the provision of technology products or services; and
- only apply for funding under either Stream 1 or Stream 2, not both.
An Incorporated Trustee can apply on behalf of a Trust provided that the Trustee will remain sufficiently liable for the performance of any agreement it signs.
The individual partners may apply on behalf of a Partnership provided that the Partners will remain sufficiently liable for the performance of any agreement they sign.
An applicant is only eligible for one grant under the Program.
Funds from other State or Commonwealth Government programs cannot form part of the co-contribution.
Timing
Applications close 19 April 2021.
