Small businesses planning to develop new products and services in the Northern Territory should consider applying for the government-based Research and Innovation Grants, as applications are due on May 10.
The grant is split into three categories:
- Research grants: Available for initial research products. Recipients can be awarded between $5,000 and $75,000.
- Innovation grants: To assist with the development of an innovative idea, product or service. Winners can receive between $2,000 and $20,000.
- Proof-of-concept grants: To assist with the development of a prototype or trial before a product is commercialised and taken to market. Recipients can be awarded with up to $10,000.
According to consultant Adrian Spencer from GrantReady, the Research and
Innovation Grant is a “fantastic grant” and many small businesses are
eligible for each of the three categories. While the deadline is a short
few weeks away, the applications are fairly straightforward and small
business owners won’t need the assistance of a consultant. The program
administrators are also helpful, so if you are unsure of your
eligibility, give them ring, he advised.
“If someone wants to get an application in, they need to get their skates on. It’s such a good program. My understanding is it’s relatively under subscribed,” he told Smarter Business Ideas
. “I think the success rate for applicants last time round was 30%, which is very good for getting the grant. You would increase your chances by having a really good understanding of the merit criteria.”
While the criteria differs for all three programs, Spencer pointed out that all potential applicants need to show that the outcomes of their project are of benefit to the Northern Territory, such as other people or organisations across the territory.
Many applicants tend to focus on what the grant will do for them and forget to consider how it will impact others, noted Spencer, whereas previous recipients of the grant have shown that their projects are quite wide-reaching in terms of those that it can assist.
“They’re also looking for quite innovative and creative applications and that’s part of the merit criteria. My spin on that is they don’t want to see the same old thing that everyone might already be doing, they want to see something that’s new and different,” he added.
“They want to see that they will be building a creation of new capacity within the NT, whether that’s innovation or benefits for industry or community groups.”
To download an application form and view the criteria, click here: http://www.nt.gov.au/dbe/business/innovation/
If you’re looking for other grants, you can use the government Grants and Assistance Finder. Click here: http://business.gov.au/GrantFinder/GrantFinder.aspx