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Boost Your Business: Food Innovation Voucher Stream

November 19, 2019

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Boost Your Business: Food Innovation Voucher Stream

November 19, 2019

 

Round 4 of the Boost Your Business Food Innovation Voucher program is now open. The Food Innovation Voucher Stream is a new initiative of the Victorian Government that helps companies access the know-how needed to innovate, diversify, improve productivity and take new and innovative products to market.

 

The vouchers and associated Food Innovation Network will deliver on the Victorian Food and Fibre Sector strategy.

 

The main objectives of the vouchers are to:

  • Foster industry engagement and collaboration between R&D providers and businesses

  • Increase commercialisation rates of research through development of innovative products, packaging and processes, in growth-oriented SMEs

  • Improve productivity by shifting the food sector’s focus and culture from reactive to proactive, and from survival to competitive and disruptive

  • Support projects that align to Food and Fibre Sector related government initiatives including the Healthy Choices Guidelines

  • Reduce the barriers and challenges faced by businesses that limit the level of investment

  • Reduce the barriers and challenges faced by Aboriginal businesses and Traditional Owner Enterprises in growing commercial bushfoods and botanicals businesses

 

There are three types of vouchers available:

 

 

 

1. 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.

 

 

2. 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.

 

 

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.

 

 

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 4 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

  • Meet any co-contribution requirements with eligible cash expenditure

 

 

Round 4 of Boost Your Business closes Sunday 22 December 2019.

 

Contact us now on info@hainesconsultinggroup.com.au to discuss a Food Innovation Voucher to enable innovation in the food sector

  

For more information: 
https://www.business.vic.gov.au/__data/assets/pdf_file/0006/1870440/Boost-Your-Business-Voucher-Program-Guidelines.pdf

 

 

 

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