Asia Market Entry

Uncovering the Tech Landscape in Australia and accessing funding opportunities.

Australia’s technology scene is booming, in part due to the efforts of both the federal and state governments that have attracted numerous technology companies, incubators, accelerators and investors into the country. The technology sector contributes around AUD$122 billion annually, and this figure is expected to grow significantly in the coming years. This article shall provide you with a comprehensive overview of the support given by the various government bodies in Australia, and more specifically the funding available for your company.

Industry Growth Centres

The Australian federal government has funded 6 key industry growth centres to facilitate the local and international expansion of these industries. Companies are able to leverage these industry growth centres for support in areas such as research, funding, industry knowledge and legalities.

‍

Industry Growth Centre	Focus Areas
Advanced Manufacturing Growth Centre	Advanced Manufacturing
AustCyber	Cyber Security Growth Centre
Food Innovation Australia Ltd	Food and Agribusiness
MTPConnect	Medical Technologies and Pharmaceuticals
METS Ignited	Mining Equipment, Technology and Services
National Energy Resources Australia	Oil, Gas and Energy Resource

‍

Current Funding From The Australian Government

‍

Business Development	Biomedical Translation Fund	Provides companies with venture capital through licensed private sector fund managersFrom Brandon Capital Partners, OneVentures Management and BioScience Managers	Early-stage biomedical companiesCan be a product, process, service (including digital health services), technology or procedure
Internationalisation	Export Market Development Grant	Up to 50% reimbursement of eligible expenses, less the first $5,000Up to $150,000 per application, to a maximum of eight annual grants	Australian company that has an income less than $50million for the year and spent at least $15,000 on eligible export promotional activities
Innovation	R&D Tax Incentives	Non-refundable 38.5% tax off-set for large business 43.5% refundable tax off-set for SMEs	Large businesses and SMEs
	Entrepreneur’s Programme	Accelerating commercialisation: Up to 50% of eligible expenditure to support commercialisation project, maximum of $1million, and inclusive of expert guidance Innovation connection grants: Funds research projects in collaboration with a Publicly Funded Research Organisation and maximum of $50,000	SMEs and startups
	Business Research and Innovation Initiative	For businesses that provide solutions to challenges in the government sector Up to $100,000 to do a feasibility study over 3 months Most successful ideas are eligible for a further grant of up to $1 million to develop a prototype or proof of concept	SMEs
	CSIRO Kick-Start	Supported by the National Science Agency, dollar-matched funding of $10,000-$50,000 to undertake the research activities with CSIRO: Research into new idea Development of new or improved product/process Testing of new idea	SMEs and startups

‍

The Victorian Government

The Victorian Government is committed to positioning Victoria as the top of mind destination for technology companies and startups in the Asia-Pacific region, and its efforts have reaped stellar results. Its information and communication technology (ICT) industry generates annual revenue of $38.4 billion. Additionally, with over 1900 startups, Victoria’s startup ecosystem had grown in value to be worth AU$7 billion in 2020, doubling from 2019.

LaunchVic, An Independant Startup Agency

Established by the Victorian Government in 2016, LaunchVic is an independent agency responsible for developing Victoria’s startup ecosystem. While it does not provide startups with direct funding, it funds a range of programs in education, incubators, accelerators, mentoring, professional development and events. For more information regarding LaunchVic funded programs, do visit their official website.

‍

Powered by LaunchVic, the CivVic Labs is a three-month accelerator program that connects startups with opportunities in the public sector and a chance to secure a government contract of up to AU$150,000. During this period, startups will be provided with AU$35,000 capital funding, mentoring, workshops and an office space.

‍

Current Funding From The Victorian Government

‍

Areas	Grants	Benefits For Your Tech Company	Targeted Tech Companies
Business Development	Venture Growth Fund	Victorian government will co-invest with institutional investors into local high-growth startupsVenture debt funding	High-growth scaleups that are at least 2 years old, growing at least 20% per annum, generating at least $3 million in revenue and have a clear line to profitability
	Victorian Startup Capital Fund	Victorian government’s investment will be matched 1:1 by private sector investors	Early-stage startups that are currently backed by VCs
	Women’s Angel Sidecar Fund	Between $50,000 to $300,000 funding Private sector investors will match the Victorian government’s contribution by a minimum of 3:1 in a ‘Sidecar’ structure 85% of government investment will be equity while 15% will be non-dilutive grant	Early-stage women-led startups
Innovation	R&D Cash Flow Loans	Low-interest loans provided by Treasury Corporation of Victoria (TCV) of between $250,000 and $4 million, for a period between 12-28 months	SMEs that demonstrate R&D potential in Victoria
	Breakthrough Victoria Fund	Victoria’s first and largest tech budget Fund will drive investment in research, innovation and commercialisation in: health and life‑sciences agri‑food advanced manufacturing clean economy digital technologies	SMEs and startups

‍

The New South Wales Government

New South Wales has established itself as the technology and startup capital of Australia. Ranked among the top 30 startup ecosystems, it is home to more than half of Australia's startups, including globally recognised companies like Canva and Campaign Monitor. With the active support and funding from the NSW government, it is also an attractive destination for technology companies and startups hoping to expand into the Asia-Pacific region.

Emergence of Western Sydney as NSW’s New Technology Hub

Western Sydney is one of the fastest-growing economic nodes in Australia, hence the NSW government has been actively pumping in funds to develop it into a new technology hub.

Western Sydney Startup Hub

Expected to be completed by late 2021, it will provide affordable office space and programs to help startups and businesses thrive in Western Sydney.

Western Sydney Aerotropolis

The Aerotropolis will become a tech-savvy hub for industries such as aerospace and defence, manufacturing, healthcare, freight and logistics, agribusiness, education and research.

Westmead Health and Innovation District

This district will become Australia’s largest health and research zone with a focus on leveraging technologies to advance healthcare systems.

‍

Current Funding From The New South Wales Government

‍

Areas	Grants	Benefits For Your Tech Company	Targeted Tech Companies
Business Development	Minimum Viable Product Grants	A matched funding grant up to 50% of approved project costs, to a maximum of $25,00035% of the funding received up-front and 65% after completion and validation	Pre-revenue startups that have potential business customers or business channel to marketDemonstrate that 80% of development costs will occur in NSW
	Building Partnerships Grant	Up to 35% of the approved project costs, to a maximum of $100,000 Grant must be used for: further developing a product and/or solution, progressing early stage commercialisation and acquiring and retaining talent	Revenue-generating startups and SMEs Demonstrate adequate funding (at least 65% of total project costs) has been secured Solution can be delivered within 12 months
	Western Sydney Investment Attraction Fund	Provides funding to innovative businesses that wish to set up in Western Sydney	Details on the fund are being finalised
	Startup Travel Stipend	Up to $2000 to travel for an innovation-related purpose	Recipients of Minimum Viable Product Grants
	Medical Devices Fund	Fund invests in the development and commercialisation of medical devices and related technologies in NSW Minimum grant of $500,000 and maximum of $5 million	NSW based start-ups and established SMEs
Innovation	TechVouchers	To encourage collaboration between SMEs and partners of the Boosting Business Innovation Program (BBIP) Up to $15,000 and must be matched by the SME	Incorporated in NSW and willing to partner with a BBIP delivery partner Turnover less than $30 million per annum

‍