Empowering Victorian Manufacturing through Innovation: Introducing the Made in Victoria – Industry R&D Infrastructure Fund
To help invigorate the manufacturing landscape, the Victorian Government has introduced the Made in Victoria – Industry R&D Infrastructure Fund. This initiative aims to boost research and development efforts within the state’s manufacturing sector.
By providing financial support for cutting-edge infrastructure projects, the fund aims to foster innovation, enhance competitiveness, and create a pathway for Victorian manufacturers to excel locally and globally.
This article delves into this fund’s key features, eligibility criteria and the avenues it opens for Victorian manufacturers.
What types of investment will the grants support?
The program will support new R&D infrastructure projects identified in the Made in Victoria: 2030 Manufacturing Statement. These include:
- New energy technologies, including 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.
What types of industries is this designed to support?
The fund will also help accelerate projects in new energy, health technology, food manufacturing, defence and aerospace, and advanced technology – key sectors identified in the Government’s Made in Victoria: 2030 Manufacturing Statement.
What level of support:
- The minimum grant amount is $250,000
- The maximum grant amount is up to $2 million
- Up to 50% of eligible project expenditure
- All grants requiring a minimum 1:1 co-contribution from the applicant
To be eligible the organisation will need to:
- Be a legally structured business registered in Victoria with an Australian Business Number (ABN), with a minimum 3-year trading history.
- Have an operating presence in Victoria.
- Employ at least 20 full-time equivalent (FTE) staff or have an annual turnover greater than $1.5 million.
The full guidelines of the program can be found on the Business Victoria website here.
How to apply:
For stage one of the application process, applicants must provide eligibility and clearly demonstrate how funding will support further growth in business expenditure on R&D. Funded projects will be expected to deliver on the program objectives. The online Expression of Interest application form is available on the Business Victoria website a here.
How can Morrows help during Stage 2?
If the initial EOI application is successful, you will progress to Stage 2 of the assessment which requires applicants to provide supporting documentation such as budgets, cashflow projections and 3 years of financial reports. Your Morrows Advisor can help you prepare this documentation to help support your submission and improve your chances of securing the funding.