The Australian Government’s Business Research and Innovation Initiative has been launched with the focus on regulatory technology (RegTech) which uses digital technologies to streamline or enhance compliance for businesses or individuals, and administration for the government.
Objectives and Outcomes
The program provides small to medium sized enterprises (SMEs) with grant funding to develop innovative solutions for government policy and service delivery challenges. The objective of the program is to drive innovation within SMEs and government by encouraging the development of innovative solutions by SMEs to public policy and service delivery challenges.
The intended outcomes of the program are:
- stimulate the innovative capacity of SMEs and Australian Government agencies
- improve business capability to access national and international markets
- develop SMEs’ confidence and awareness when working with government as a possible customer
- encourage Australian Government agencies to participate in sourcing innovative solutions.
The four challenges for the RegTech Round Feasibility Study Grants are:
- Using technology to help identify and assess poor market disclosure by listed companies Challenge agency: Australian Securities and Investment Commission (ASIC)
- Using technology for remote and automated monitoring of export livestock health and welfare Challenge agency: Department of Agriculture, Water and the Environment (DAWE)
- Using technology for a streamlined path to marine autonomous systems assurance Challenge agency: Australian Institute of Marine Science (AIMS)
- Using technology for real-time and accurate asbestos testing Challenge agency: Asbestos Safety and Eradication Agency (ASEA)
- The Australian Government has announced a total of $10 million over 2021–22 to 2022–23 for the program. There is an estimated $2 million available for this grant opportunity.
- The grant amount will be up to 100 per cent of eligible project expenditure (grant percentage).
- the minimum grant amount is $50,000
- the maximum grant amount is $100,000.
- To be eligible you must:
- have an Australian business number (ABN)
- and be one of the following entities:
- an entity, incorporated in Australia
- an individual or partnership, provided you agree to form a company incorporated in Australia to enter into a grant agreement.
- They can only accept applications where:
- you have a combined annual turnover of less than $20 million for each of the 3 financial years prior to the lodgement of the application
- you provide all mandatory attachments.
- Joint applications are acceptable, provided you have a lead organisation who is the main driver of the project and is eligible to apply.
- If you are controlled by a Publicly Funded Research Organisation, including university spinoffs with at least 40% university ownership, you must have annual turnover in isolation of less than $20 million for each of the 3 financial years prior to lodgement of the application.
For more information, visit https://www.business.gov.au/grants-and-programs/business-research-and-innovation-initiative#overview