Deadline: 10-Feb-23
The Tasmanian Government has launched the Business Incubator and Accelerator Pilot Program that encourages the creation of new businesses and supports existing early-stage businesses by providing specialist advice and assistance to decrease risk and increase sustainable, viable business development.
The program will see the delivery of services by private sector expert partners selected through a competitive two-stage process. The program will build on and complement existing Government-funded supports available to new and existing businesses, such as the Enterprise Centres Tasmania network and the Digital Ready for Business program.
Categories
- Stream one – business incubator programs Business incubator programs specifically target new/start-up businesses wanting to explore a venture in its infancy.
- A business incubator program in this context is defined as having the following characteristics:
- Includes the provision of a range of services that nurture innovative business ideas to assist entrepreneurs to build a business from the ground up.
- Typically offers services that may include but are not limited to management training, office space, mentoring, consulting, and co-funding.
- Has a focus on ensuring participant businesses have a solid understanding of basic business concepts such as business planning, finance, risk management, and business structuring.
- Have an open-ended format with less structure to allow for spontaneity and gradual growth, running for extended periods of time (for example, up to 18 months).
- May provide opportunities for participants to pitch business concepts to potential investors.
- Provides access to a range of business mentors and advisors and the opportunity to establish a professional network.
- Stream two – business accelerator programs Business accelerator programs specifically target existing businesses wanting to diversify or scale up.
- A business accelerator program in this context is defined as having the following characteristics:
- Includes the provision of a range of services that work to ‘accelerate’ business development to help entrepreneurs advance to the next stage in their business lifecycle.
- Typically offers services that may include but are not limited to mentoring, guidance in relation to product expansion or diversification, networking and events, workshops, advice, technical resources tailored to individual business needs, and continuous advice and support following completion of the program through an alumni network.
- Operates within a structured framework, to a set schedule and timeframe (for example, six months).
- Includes demonstration days that provide participants with the opportunity to present business concepts to potential investors.
- Participants have identified a demand within the context of their business and have the capacity to expand that is not solely inhibited by access to finance.
- May extend seed or pre-seed funding in exchange for equity in the participating business.
- Has a competitive application process for participants who are able to provide a business plan, Proof of Concept (POC), Minimum Viable Product (MVP) and/or a design prototype.
Funding Information
- A total of $2 million has been allocated to the program over two rounds.
- Funding available in round two is $1 million.
- There are two streams of funding available under the program, with grants of up to $250 000 available under each stream:
- Stream one – business incubator
- Stream two – business accelerator
- Notes:
- Eligible applicants may apply for one or both streams of funding to a maximum amount of $500 000 across the entire program (cumulative across rounds one and two).
- Applicants may apply for both streams of funding however must submit a separate application for each stream.
Outcomes
The program aims to achieve the following outcomes:
- Tasmanians who have a business idea or have an existing business have access to support that is customised and flexible in meeting their needs.
- Sustainable and viable businesses are established statewide.
- Peer-to-peer and business-to-business networks are created for ongoing support opportunities.
- Jobs are created, including businesses run by sole operators that grow to be employing businesses.
Eligibility Criteria
- Grants will be available to eligible businesses that demonstrate an ability to achieve the required outcomes, relevant experience, value for money, clear linkages to existing programs, and a sound understanding of what gaps exist in the current service provision and how to address those gaps.
- Late applications will not be accepted.
- Applicants may be asked to supply documentation to support their eligibility claims, as part of the application process, or as part of an audit process. Information supplied by applicants may be subject to authenticity checks using third party software.
- To be eligible to apply for a grant applicants must:
- Be registered for tax purposes in Australia with an active Australian Business Number (ABN).
- Be a minimum 50 per cent owned Tasmanian business or partnership/consortium of businesses.
- Be able to demonstrate relevant experience (minimum two years) in delivering successful business incubator and/or accelerator programs.
- Be able to demonstrate a thorough understanding of existing business support programs (including Tasmanian programs) and identify opportunities for programs that target a proven gap in the market.
- Notes:
- Applications from collaborating organisations are encouraged, however a lead organisation must be nominated as the applicant and act on behalf of all partner organisations.
- Tasmanian Aboriginal enterprises are particularly encouraged to apply.
Ineligible
- Any government body, government agency or government owned enterprise.
- Any business that is trading insolvent, under external administration or bankruptcy.
- Any business that proposes an incubator and/or accelerator program that displaces an existing Tasmanian market offering.
- Any business that has already been awarded funding in round one of the program to the maximum allowance of $500 000.
- Third party submissions unless the applicant has provided the third party with written permission to do so on their behalf, and this permission is submitted as evidence with the application.
For more information, visit Tasmanian Government.