VC funding may be in for an uncertain year, but there are still plenty of funding opportunities out there.
With reports that startup funding may be in for a rough 2023, it’s time to broaden out the horizons and explore other options for non-dilutive funding. Government grants are coming in thick and fast for the year, as local and Federal governments seek to bolster innovation.
Take a look at all the grants below, or skip to the ones of interest:
- NSW Small Business Innovation & Research program (closes 28 February 2023)
- NSW Climate and Energy Action (ROIs due by 28 February)
- Coles Nurture Fund (closes 24 February 2023)
- Cooperative Research Centres Projects (CRC-P) Grant Round 14 (closes 2 March 2023)
- NSW MVP Ventures Program (Ongoing)
Many of these grants are highly competitive, particularly those with a limited funding pool or in a fast-growing sector. If you need assistance with your grant submission, reach out to see how we can help.
1. NSW Small Business Innovation & Research program (closes 28 February 2023)
The SBIR program supports the development of innovative technologies to address one of the following:
- Waste recovery and management
- Biosecurity surveillance
- Cultural and linguistic diversity
- Recycled content verification
- School zones altering system
- Urban heat island effect
- Vital sign monitoring
Companies must first apply for a Feasibility study grant of up to $100,00. Those who successfully complete the study will be invited to apply for a further proof-of-concept grant totalling up to $1,000,000.
Eligibility: The SBIR program is open to SMEs headquartered in NSW with fewer than 200 full-time employees, as well as individuals based in NSW.
Applications close: Phase I Feasibility study applications close 28 February 2023.
2. NSW Climate and Energy Action (ROIs due by 28 February)
The NSW Government has opened two funding initiatives for manufacturers developing renewable energy and low carbon products in 2023. These include:
- Low Carbon Product Manufacturing Fund: $300 million for the manufacturing of low carbon products and materials from 2023 to 2032.
- RMF: $250 million to develop components for the renewable energy and electric vehicle sectors from 2023 to 2027.
The NSW Government is currently seeking registrations of interest (ROI) to identify suitable projects that may require government support. Various funding options are available, including grants.
Eligibility: Eligible organisations must be based in Australia and either submit a proposal focused on manufacturing of new low carbon products or manufacturing of components for the renewable energy and electric vehicle sectors. Applicants must be manufacturing their products in NSW.
Applications close: Registrations of interest (ROIs) are due by 28 February.
3. Coles Nurture Fund (closes 24 February 2023)
Now in its 11th round, the Coles Nurture Fund supports the development of new grocery-related products, technologies and processes. Businesses can apply for a grant of up to $500,000, which does not need to be matched by the recipient.
Eligibility: Eligible businesses need to have a turnover of less than $25 million per annum, and employ no more than 50 full-time employees.
Applications close: 24 February 2023
4. Cooperative Research Centres Projects (CRC-P) Grant Round 14 (closes 2 March 2023)
The CRC-P provides funding for short-term research collaborations, such as those between an SME and research organisation to develop a product, service or process that will solve problems for industry and deliver real outcomes. Recipients will get between $100,000 and $3 million in matched funding for a total duration of up to 3 years.
Round 14 is open to all sectors, but will have a focus on projects that are in the following priority areas:
- National Reconstruction Fund priority areas, including renewables and low emissions technologies; medical science; transport; value-add in the agriculture, forestry and fisheries sectors; value-add in resources; defence capability; and enabling capabilities.
- Science and Research priorities.
- Circular economy.
Eligibility: To be eligible, the project must be industry led and involve collaborations between at least two Australian industry organisations (including an SME) and one research organisation.
Applications close: 2 March 2023
5. NSW MVP VENTURES Program (Ongoing)
The upgraded NSW MVP Ventures Program supports businesses with up to $200,000 to progress from a proof-of-concept stage to a minimum viable product. In addition, innovative firms who have successfully completed projects funded under this Program can reapply for additional funding to make progress along the technology readiness level (TRL).
Eligibility: Businesses with fewer than 20 full-time employees and under $1m in turnover.
Applications close: This grant is ongoing until 2026. However, funding is capped at $10 million per annum on a first-come, first-served basis, so it’s best to act quickly on this one.
Non-dilutive funding is a key avenue to help extend runway and get a much-needed boost in 2023. But with so many grants opening and closing throughout the year, it’s tough to stay across them all. That’s where we can help.
If you want to unlock access to relevant grants and incentives across the year and strengthen your application, contact us now.