The Victorian Government has just announced a $15 million Industry R&D Infrastructure Fund. The Made In Victoria branded fund is now open and ready for EOI’s from Victorian businesses.
The lack of large capital grants recently means this is a welcome boost and will be celebrated by Victorian businesses.
The $15 million program aims to incentivise Victorian companies to make new investment in research and development. Propelling long term growth and innovation for the State. With a matched funding model offering up to $2 million for projects, it’s designed to support a number of areas including:
- New energy technologies, such as wind, hydrogen, solar and batteries
- Health technologies, including medtech, biotech, pharma and consumer healthcare
- Food manufacturing and agriculture
- Defence, aerospace and space
- Digital and advanced technologies, including advanced materials, robotics, AI (Artificial Intelligence), 3D-printing, and quantum technologies
From $250,000 to $2 million available
Between $250,000 and $2 million (excluding GST) is available to support eligible projects on a 1:1 matched funding basis. This means that up to 50% of eligible project expenditure for businesses could be funded.
What is funded?
If your business is considering any of the following activities, this fund could be the answer:
- Establishing a new or expanded R&D infrastructure within the business to deliver process improvements, prototyping, evaluation and testing of you products and processes.
- Purchase and commissioning of capital equipment (recorded as fixed assets in the applicant’s accounting and tax asset registers).
Federal R&D Tax Incentive Scheme
This program is intended to complement the Federal government’s R&D Tax Incentive scheme and aims to incentivise Victorian companies to make new investments in R&D infrastructure in key industry sectors.
To be eligible for funding, companies will need to be a business operating in Victoria and employ at least 20 full-time equivalent staff OR have an annual turnover between $1.5 to $100 million. See program details for more information.
Expressions of interest close on 18 August 2023, with successful EOIs invited to complete a full application in September.
First announced in the 2022-23 Victorian budget as part of the Victorian Jobs and Investment Fund (VJIF) it’s good to see this program now open for EOI. Victorian businesses are needing support for investment and innovation to keep the business sector thriving.
Get the details