Granting Wishes: Grant landscape update
Our Grants update is a summary over the previous quarter of developments in the world of competitive grant funding.
EMDG Ready
The revamped and expanded EMDG program will open on 12 November this year for eligible Australian SMEs exporting products or services for the first time, or expanding existing markets. One of the key operational changes of the program is the ‘first-come first served’ allocation model, which will see funds exhausted quickly. As such, its vital that any SME’s considering applying, plan ahead and get EMDG ready for lodgement upon opening.
Click here to access Intellect Lab’s EMDG Eligibility Tool and for our detailed summary of the changes here.
MRFF Opportunities
MTPConnect recently announced a new industry-backed accelerator to assist SMEs commercialising medical products to treat cardiovascular disease and diabetes. Supported directly by CSL and Roche and funded via the MRFF, this accelerator is based on the successful Target Translation Research Accelerator model and will call for EOIs in late September 2024.
In addition to the TTRA program and the significant funding support it provides the Australian medical and health sectors, MRFF provides companies with a great planning resource by publishing its planned and forecasted funding opportunities well in advance. This is a great resource for grant strategy and planning. Details can be found in our post here.
Industry Growth Program
After opening in early 2024, the Industry Growth Program recently announced the first tranche of projects to secure funding. As a reminder, this program provides SMEs with access to expert advice and matched grant funding (from $50,000 to $5mill) for commercialisation of ideas. Applicants need to be undertaking commercialisation or growth projects that will build Australian capabilities in priority areas for the National Reconstruction Fund.
National Science Statement
The Federal Government recently released an updated National Science Statement and National Science and Research Priorities, providing key insights into how the government sees science and innovation supporting the future of the country’s development and growth. The 5 priorities listed were;
Transitioning to a net zero future
Supporting healthy and thriving communities
Elevating Aboriginal and Torres Strait Islander knowledge systems
Protecting and restoring Australia’s environment
Building a secure and resilient nation
No funding opportunities were announced with this release however the updated national science statement in concert with the Future Made in Australia statement and the National Reconstruction Fund priorities provide a key insight into the government’s priorities and likely what it will directly support going forward.
Staying Grant Ready
The competitive funding landscape in Australia can seem complex, but can be of significant value to your business; regardless of sector or maturity. Developing a grant strategy in concert with your R&D tax planning, as part of a long-term non-dilutive funding plan, can provide significant support and boosts for your business growth and R&D. Staying grant ready by keeping abreast of the landscape, planning ahead and maintaining documentation puts you in the best position to quickly take advantage of grant opportunities as they arise. Find out how Intellect Labs assists their clients with the full grant cycle here).
If you would like to talk more about how we can help you foster your ideas, please don’t hesitate to reach out.