Digital technology was already having a grand old time on the pedestal before COVID hit. What resulted was the rapid acceleration of technology adoption by SMEs and a strong growth path that, if anything, has only highlighted new and more important reasons why every SME needs an effective digital ecosystem in place.
According to KPMG, “in today’s unparalleled circumstances, some organisations may consider ways to slow transformation investment to preserve capital. However, history has shown that companies that take a strategic future-focused investment approach during times of unrest were better placed when the global economy rebounded.”
The KPMG report on digital transformation goes on to say, “With 80% of revenue growth predicted to come from digital offerings and operations over the next three years, IT leaders should continue transforming their operating models and investing in key enablers, like integrated cloud platforms, agile ways of working, intelligent automation, AI, blockchain, and advanced data and analytics.”
To support findings like these, on 31 March 2021, the Victorian Government launched the Technology Adoption and Innovation Program to help small and medium-sized businesses (SMEs) adopt or develop new digital and innovative technology-based projects.
Aim of the Technology Adoption and Innovation Program
The $5 million Business Victoria initiative targets eligible SMEs within Victoria and supports them with the onboarding of innovative technologies, as well as the development of technology to improve business operations or meet their growth goals. Eligible Victorian SMEs can apply for grants between a minimum of $20,000 and a maximum of $50,000.
With the support received from the grants, Victorian SMEs are empowered to invest back into their business through the implementation of new technologies that will inherently improve their productivity and performance and, on a wider scale, enable them to contribute to Victoria’s economic recovery.
How does the Technology Adoption and Innovation Program work?
The program offers two different streams of financial assistance available to applicants:
Stream 1: SME technology and digital adoption
Grants from $20,000 - $50,000 for Victorian SMEs to adopt technology and digital solutions in order to improve their business’ processes, efficiency, productivity, and support future growth of the business.
Stream 2: Innovative, commercial technology development
Grants from $20,000 - $50,000 for Victorian technology companies to encourage the implementation of projects and streamline the development of commercial technology or digital products.
Are you eligible for the Technology Adoption and Innovation Program?
This program is open to SMEs (including a trust structure, partnership or company) on a growth trajectory. To be eligible for this program, SMEs must:
- Be an eligible legal entity
- Be operating a business that is located within Victoria
- Hold an active ABN
- Have held the same active ABN since 1 September 2020
The following organisations are not eligible for the program:
- Publicly funded research institutions and industry associations
- NFP organisations
- Community-based organisations
- Commonwealth, State and Local Government bodies and agencies
How to apply for the Technology Adoption and Innovation Program
Before applying for the program, please refer to the Technology Adoption and Innovation Program Guidelines. If you’re ready to go, you can apply for the program by submitting the required documentation here.
If you’re interested in applying for this grant, be quick! Applications close on 11:59pm, 19 April 2021, or when the funds are exhausted – whichever comes first. For advice and guidance on preparing your application, feel free to get in touch with our Melbourne-based R&D Tax Incentive experts today.
Alternatively, if you’re a successful grant recipient and are keen to get support from digital experts on the most effective strategy and technology to transform your business, get in contact with our BlueRock Digital team. The BlueRock Digital team partners with industry-leading software products to bring SMEs best-in-class solutions for efficiency and growth, with great advice and support along the way.