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