Boost Your Business with up to $50,000 co-funding from Vic Government

The program offers co-funding opportunities of up to $50,000 for businesses planning manufacturing-related projects directed to: entering new export markets; launching new products in Australia and overseas; or improving internal business processes and systems.

Eligible businesses can apply for co-funding to cover project related costs where they utilise the services of one of the Victorian Government’s registered service providers. For example, a business that is looking for advice on intellectual property (IP) issues relating to a new export project could apply for co-funding for strategic IP advice on protecting their IP overseas and maximising commercialisation prospects for their project.

The first Boost Your Business application round took place earlier this year and resulted in 111 businesses securing combined total co-funding grants of over $3m.

Is your business eligible?

Applications in the Boost Your Business Advanced Manufacturing stream are open to businesses that meet the following criteria:

• Currently engaged in manufacturing, or able to demonstrate a genuine commercial connection to the manufacturing supply chain.
• Have a substantial operating presence in Victoria (ideally one that is connected to manufacturing operations in Victoria).
• Either employ more than 20 staff, or have an annual turnover of more than $1.5m.
• Meet standard criteria regarding business and employment laws.

How to apply?

As a first step, businesses need to identify a registered service provider that they can engage to obtain services to assist with delivering their project. The Victorian Government website contains a list of all registered services providers and their fields of expertise.

Once a business has identified a service provider, they will need to discuss their project with the service provider so that a “scope of services” document can be prepared. This document will need to set out the proposed services to be provided and associated costs, which will form the basis of the co-funding amount being sought by the business.

Finally, the business can submit their application by completing a short online form and uploading a copy of the scope of services document, all via the Victorian Government website.

mdp Law is one of only two intellectual property law firms appointed as registered service providers in the Boost Your Business Advanced Manufacturing. mdp offers competitive fixed-price IP packages for Boost Your Business applicants, to suit a variety of projects and budgets. Its packages are designed to provide businesses with insights into critical IP issues relating to their project, and to enable businesses to develop a robust IP strategy and roadmap for growth. To find out more, visit: www.mdplaw.com.au/byb-vouchers.