The funding of up to $700K aims to support accelerator and incubator programs that help regional NSW businesses build their knowledge, skills, networking and investment opportunities.

Deadlines and Timings

Applications close on 30 Sep 2022 at 2PM AEST. Notifications and announcements will begin on 09 December 2022. Programs are expected to be completed on 30 June 2024.

Overview and Grant Amount

Grant funding range from $300K to $700K and are available to deliver programs that improve capability and competitiveness, and build the skills needed to innovate and expand. These programs can provide new knowledge and skills, networking and investment opportunities and other activities that will help new businesses prosper. Programs funded under the Accelerating Regional Innovation Fund will support businesses to:

• develop business capability and performance
• expand networks within the regional NSW innovation ecosystem
• achieve growth in revenue and profitability
• access capital raising opportunities
• create sustainable jobs in regional NSW

Under the Accelerating Regional Innovation Fund, grants are available for accelerator and incubator programs that support regional businesses and entrepreneurs in these new and emerging industries. The focus industries are:

• advanced manufacturing
• renewable energy and gas
• technology-enabled primary industries
• critical minerals
• ecotourism (technology-enabled)
• recycling and waste management
• high-quality food products

Eligibility and Criteria

To be eligible for funding under the Accelerating Regional Innovation Fund applicants must:

• be an existing incubator or accelerator that can assist entrepreneurs, new businesses and start-ups in the focus industries
• be an existing incubator or accelerator that has been operational for at least two years
• have an Australian Business Number (ABN) and be registered for GST
• be financially viable and demonstrate they are likely to remain so over the duration of the project
• have the demonstrated skills and capacity to deliver relevant programs and support
• have at least $20 million public liability insurance or be able and willing to secure before entering into a funding deed if successful
• be based in regional NSW, Wollongong or Newcastle
• be able to demonstrate they can commence within six months of the announcements of funding and be completed by 30 June 2024

Applicants must also be one of the following entities:

• a company, incorporated in Australia
• an incorporated trustee on behalf of a trust
• an incorporated not for profit organisation
• a publicly funded research organisation

Organisations that are not one of the entities identified above but meet all other criteria of the program may also be considered. Joint applications are acceptable, provided the lead applicant is an eligible entity. If the application is successful, the lead applicant will enter into the funding deed and be ultimately responsible for the project.

Eligible Activities

Examples of eligible programs include:

• providing new knowledge and business skills, including technical knowledge, customer acquisition and/or business development methods
• creating or providing access to new networks, including mentors, researchers and customers
• Delivering innovation-based events, training, and workshops
• facilitating access to investor networks for capital raising opportunities

Ineligible programs include:

• funding the day-to-day operations of an organisation not related to an eligible program or focusing primarily on marketing and promotion of the organisation
• programs focused on certificate or degree level qualifications
• programs requiring ongoing funding from the NSW Government
• programs not aligned to the objective of the Accelerating Regional Innovation Fund
• programs that have already received NSW Government or other funding for the same outputs and outcomes

Applications to the Accelerating Regional Innovation Fund must include the following documents:

• completed application form
• detailed project scope identifying all the elements of the program
• detailed project budget
• financial statements (trading, profit and loss statements and balance sheets) for two continuous years starting from the latest available year, or other evidence of financial viability if statements are not available, for example a signed statement form an external accountant
• evidence the program aligns to at least one of the new and emerging industries of the refreshed 20-Year Economic Vision for Regional NSW
• evidence of experience delivering projects similar in scope and scale to the program, or otherwise can demonstrate capability and capacity to deliver the program
• confirmation of the applicant’s co-contribution to the program if required
• how the program will contribute to employment and training outcomes for young people, Aboriginal and/or Torres Strait Islander individuals and people with disability and how these will be measured
• other expected outcomes of how the program will support the regional NSW innovation ecosystem
• evidence of at least $20 million in public liability insurance

Interested parties are encouraged to read the program guidelines and FAQs set by the funding grant. Submissions may be lodged through their online portal.

Expert Assistance

Treadstone experts can help you understand government grants and maximise the benefits for your business. We have been helping clients since 2008 and our clients can testify to our proven success record. Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.

Get in touch with us and let’s discuss this more in detail.

For information about other Australian Government Grants, visit Treadstone New Grants page and sign up to our newsletter!