New South Australian Early Commercialisation Fund (SAECF)
On Friday the State Government announce the re-branding and relaunch of a $10M venture South Australian Early Commercialisation Fund (SAECF)
This new fund is far more accessible that the fund it replaces and provides for the following rounds of funding.
• Phase 1: Proof-of-concept (Up to $50,000 on a 3:1 basis) ($3 of SAECF funding for every $1 contributed)
• Phase 2: Product Development (Up to $150,000 on a 2:1 basis) ($2 of SAECF funding for every $1 contributed)
• Phase 3: Early Commercialisation (Up to $300,000 on a 1:1 basis) ($1 of SAECF funding for every $1 contributed)
Examples of eligible expenditure under the SAECF program for each of the three phases include (but are not limited to) the following:
• Proof-of-concept:
• Product Development
• Early Commercialisation
Most of the activity that can be funded under this scheme can also qualify for an R&D tax concession.
The eligibility criteria are;
1. Must be registered for GST
2. Majority of business in South Australia
3. Must be in a high-tech industry
4. Must be able to demonstrate access to intellectual property necessary for the project.
5. Must be an innovative product or service or process with potential for large revenues in economic activity in South Australia.
6. Must be able to show evidence of ability to cope fund the project costs.
7. The grant must be essential to the development activity. I.e. you can’t get the
Those eligibility criteria would mean that most projects would also qualify for export development grants and other assistance from Austrade/Ausindustry as well.
Applications will be assessed by TechInSA and the Panel against the following criteria:
• The feasibility and commercial potential of the proposed business or project;
• The capability, commercial experience and skill of the Applicant organisation’s board and/or management team and the persons involved in the project;
• The need for financial assistance and the extent to which the Applicant commits its own resources (cash and in-kind) to the project;
• Evidence that IP created, developed and commercialised through the project is unique and will occur in South Australia;
• The extent to which the eligible activities will contribute to the development of the Applicant’s organisation; and
• The extent to which the project will provide benefits to South Australia (such as job creation, asset/IP accumulation, accumulation of skills and experience, leveraging of other funding and/or financial returns)money from somewhere else.
Initial registration requires the following information
In plain language, describe your project/proposal (250 words max.) Please include:
• The unique benefit it will offer the customer and how it differs from others in the market;
• Evidence of scalability, such as its potential for a global market and distribution channel(s); and
• The benefit to the South Australian economy, including job creation.
If applicable, describe your existing relationship with a lead customer, business mentor or other investor (100 words max.)
Why does your organisation need this grant and how will it be used? (150 words max.)
If you are representing an established company, what is its annual turnover?
As well as the next “great new thing” this fund is well placed to fund business expansion based on the new producitsation of existing services, IP or processes that makes them ready for export and expansion.
We anticipate we will be hosting an information session or two on this in the next few weeks but if you would like any information on how we can help you hook into all the available programs please get in touch asap. govstuff@systementerprises.net.au
Phil