What you should know about the Government Entrepreneurs’ Programme…
The Entrepreneurs’ Programme forms part of the Australian Government’s National Innovation and Science Agenda, and is the flagship initiative for business competitiveness, capability and productivity improvement. It aims to provide practical advice and support for businesses, including access to government grants. However, in reality it can be a challenge to find out where to get information, and to wade through the amount of data available to identify what is relevant.
This short introductory article aims to provide a simple overview of what the options are for small business owners, where to get more information and how to apply for co-funded grants.
The Entrepreneurs’ Programme[i] comprises three elements:
- Accelerating Commercialisation
Provides support to assist in finding the right commercialisation solutions for new products, processes or services. Funding is through competitive matched grants of up to $1m over two years for commercialisation activities.
- Business Management
Provides tailored support and advise via specialist Advisors, appointed from the private sector. Funding is available to improve business management, capabilities and networks, via matched grants of up to $20,000 for business capability improvement projects.
- Innovation Connections
This facilitation service provides expert advice and solution pathways on knowledge-related issues, and a brokering service to connect businesses with knowledge providers and research organisations. Funding is available via matched grants of up to $50,000 to support the implementation of a business innovation project.
We examine the Business Management element further below.
How it Works
The Business Management element helps CEOs and Managers work on their businesses rather than in their businesses[ii]. Supported by an approved Business Advisor from the private sector, businesses develop plans for improvement and are able to access funding to bring in additional specialists.
Services may include, but are not limited to:
- Business evaluation / review
- Matched funding of up to $20,000 to engage external expertise to implement projects recommended in the business review
- Access to business events with specialist guest speakers
- Benchmarking for supply chains
- Business growth
To be eligible for the Accelerating Commercialisation funding a business needs to have a combined turnover of less than $20 million for each of the three years prior to applying, be a non-tax-exempt corporation and registered for GST. Other eligibility criteria apply.
Business Management or Innovation Connections is for established businesses (3 years plus) who are non-tax exempt and GST registered, operating in an identified industry growth sector, and have a turnover between $1.5 and $100m.
Like to know more?
If you would like to understand more about how your business could benefit from the Entrepreneurs’ Programme, contact Tracy Morgan via email at email@example.com, or call 0401 808676. Morstone offers guidance to clients in navigating the system, and is able to connect you to a government approved Business Advisor.