Round 3 of the Boost Your Business Food Innovation Voucher program is now open.
The two main objectives of the vouchers are:
1. To shift the food sector's focus and culture from reactive to proactive, and from survival to competitive and disruptive.
2. To reduce the barriers and challenges that businesses face which are limiting the level of investment in disruptive innovation.
There are three types of vouchers available:
1. Early stage feasibility and testing vouchers
Voucher: up to $10,000 for early-stage feasibility and testing.
Types of activities supported:
initial feasibility plans
stress-testing of early concepts
identifying and mapping pathways between businesses and innovation service providers (e.g. a research institute).
The applicant is required to contribute at least one hour of time in-kind for every $1000 of voucher funds.
2. Process innovation, product development research, market positioning and labelling for applied research projects with an innovation service provider
Voucher: Up to $50,000.
Types of activities supported:
Product testing, validating, prototyping and verification
Automating existing processes or operations and streamline internal processes
Consumer science
Research and testing of new product design
Small volume production to test commercial viability of new hardware, technology or products.
Suitable for emerging projects from the early stage feasibility voucher.
The applicant is required to co-contribute at least 1:1 in cash.
3. Prepare for and attract investment
The purpose of this stream is to increase investment in the food and agriculture sector by supporting businesses to become "investor ready" and attractive to investors.
Voucher: Up to $50,000
Types of activities supported:
Assessing options, developing a business plan to allow potential investors to understand the opportunity.
Preparing for investment by documenting financial arrangements, ownership/tax structures, legal aspects and governance arrangements for potential investors.
Development of prospectus materials to assist in delivering the pitch or proposition to the investor.
Applicant is required to co-contribute at least 1:1 in cash.
All three vouchers require applicants to work with a nominated innovation service provider. A list of approved service providers is available here.
Is my business eligible?
To be eligible to receive a voucher, you must:
Be a small to medium enterprise (employ between 20 and 200 staff or if less than 20 staff have an annual turnover greater than $1.5 million). Note: In Round 3 smaller businesses with at least 10 FTEs or turnover >$500,000 are encouraged to apply for an Early Stage Feasibility and Testing voucher and/or a Research & Development voucher (only).
Have an operating business presence in Victoria.
Have an ABN.
Be a legal entity currently engaged in the food value chain or be able to demonstrate a genuine commercial connection to the food value chain.
For more information you can click on this link to contact one of our consultants.