The Tasmanian Government’s Business Incubator and Accelerator Pilot Program Round 2 has a funding allocation of $1 million for the delivery of incubator and accelerator programs by organisations with the expertise to deliver targeted business support. The program encourages the creation of new businesses and supports existing early-stage businesses by providing specialist advice and assistance to decrease risk and increase sustainable, viable business development.
Deadlines and Timings
Applications are open and will close at 2:00PM on 10 February 2023.
Indicative date for notification on the status of an application will on by end-February 2023. Panel interviews are estimated to happen in March 2023.
Overview and Grant Amount
There are two streams of funding available to deliver programs, with grants of up to $250 000 available under each stream:
- Stream One – delivery of business incubator programs aimed at new businesses or for those exploring a venture in its infancy
- Stream Two – delivery of business accelerator programs aimed at existing businesses wanting to diversify or scale up
Grants will be available to eligible businesses that demonstrate an ability to achieve the required outcomes, relevant experience, value for money, clear linkages to existing programs, and a sound understanding of what gaps exist in the current service provision and how to address those gaps.
Stream One – Business Incubator Programs
Business incubator programs specifically target new/start-up businesses wanting to explore a venture in its infancy. A business incubator program in this context is defined as having the following characteristics:
- Includes the provision of a range of services that nurture innovative business ideas to assist entrepreneurs to build a business from the ground up
- Typically offers services that may include but are not limited to management training, office space, mentoring, consulting, and co-funding
- Has a focus on ensuring participant businesses have a solid understanding of basic business concepts such as business planning, finance, risk management, and business structuring
- Have an open-ended format with less structure to allow for spontaneity and gradual growth, running for extended periods of time (for example, up to 18 months)
- May provide opportunities for participants to pitch business concepts to potential investors
- Provides access to a range of business mentors and advisors and the opportunity to establish a professional network
Stream Two – Business Accelerator Programs
Business accelerator programs specifically target existing businesses wanting to diversify or scale up. A business accelerator program in this context is defined as having the following characteristics:
- Includes the provision of a range of services that work to ‘accelerate’ business development to help entrepreneurs advance to the next stage in their business lifecycle
- Typically offers services that may include but are not limited to mentoring, guidance in relation to product expansion or diversification, networking and events, workshops, advice, technical resources tailored to individual business needs, and continuous advice and support following completion of the program through an alumni network
- Operates within a structured framework, to a set schedule and timeframe (for example, six months)
- Includes demonstration days that provide participants with the opportunity to present business concepts to potential investors
- Participants have identified a demand within the context of their business and have the capacity to expand that is not solely inhibited by access to finance
- May extend seed or pre-seed funding in exchange for equity in the participating business
- Has a competitive application process for participants who are able to provide a business plan, proof of concept (POC), minimum viable product (MVP) and/or a design prototype
Eligibility and Criteria
To be eligible to apply for a grant applicants must:
- be registered for tax purposes in Australia with an active Australian Business Number (ABN)
- be a minimum 50% owned Tasmanian business or partnership/consortium of businesses
- be able to demonstrate relevant experience (minimum two years) in delivering successful business incubator and/or accelerator programs
- be able to demonstrate a thorough understanding of existing business support programs (including Tasmanian programs) and identify opportunities for programs that target a proven gap in the market
Applications from collaborating organisations are encouraged, however, a lead organisation must be nominated as the applicant and act on behalf of all partner organisations. Tasmanian Aboriginal enterprises are particularly encouraged to apply.
Successful applicants will be determined through a two-stage competitive assessment process:
- Stage one – Request for Proposal (RFP)
- Stage two – Panel Interview
- Any government body, government agency or government owned enterprise.
- Any business that is trading insolvent, under external administration or bankruptcy.
- Any business that proposes an incubator and/or accelerator program that displaces an existing Tasmanian market offering.
- Any business that has already been awarded funding in round one of the program to the maximum allowance of $500 000.
- Third party submissions unless the applicant has provided the third party with written permission to do so on their behalf, and this permission is submitted as evidence with the application.
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