It's important to ensure R&D record keeping is in place before making a claim. Cover…
Accelerating Commercialisation – co-fund your venture up to $1 million
The application process for the grant is rather extensive and could be compared to preparing a very detailed business plan.
Enterprising startups with a prototype available can progress faster towards their financial goals with support from the Accelerating Commercialisation (AC) grant. Established under the Entrepreneur Programme by the Federal Government, the AC is designed to encourage businesses with an innovative solution to finding success at the national level.
This highly competitive grant is targeted towards entrepreneurs, researchers and backers who whose ventures have passed the initial R&D phase and has two primary components.
Dollar for dollar funding
The government will match the founder’s contribution to the project’s expenditure with a maximum grant up to $1 million for most entities. Successful grants are only to be used on the commercialisation of novel products, processes, and services.
Support through networks, advisors, and exposure to investors
Your company will obtain membership within the AC Portfolio where you can network with other startups also undergoing early stage commercialisation activities. Here you’ll also be mentored by seasoned professionals experienced in taking a product to market to help achieve project objectives.
Further financing will also be aided by exposure to investors and multi-national corporations through domestic and international roadshows.
Is my startup eligible for the Accelerating Commercialisation grant?
Companies must be registered for GST have a turnover of less than $20 million. All other entities must agree to form an eligible corporation before signing a funding agreement or Deed of Services and Release.
A working prototype is required by the startup; which must essentially involve a novel product, process or service. It is not necessary to have a trading history but the venture must be set up with the intention to profit and trade interstate.
Certain industries are also prioritised during the assessment of their application.
- The industries in question are:
- Advanced Manufacturing
- Food & Agribusiness;
- Medical Technologies and Pharmaceuticals;
- Mining Equipment, Technology, and Services; or
- Oil, Gas and Energy Resources.
It is important to note that the funding co-contribution is not retrospective and commences from the application acceptance date as advised by AusIndustry.
The application process for the grant is rather extensive and could be compared to preparing a very detailed business plan. The government grant experts at Fullstack Advisory are skilled at preparing government grants such as the AC and R&D Tax Incentive and can help determine your eligibility.
Contact Fullstack for a confidential discussion on the Accelerating Commercialisation today.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.