The Victorian government has announced $16 million in research and development funding for start-ups and small businesses developing new products or services for government use.
The Driving Business Innovation program is a new version of the Market Validation program, which backed 32 projects with $28 million.
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Janna Wilkinson, a spokesperson for Driving Business Innovation, told StartupSmart they were seeking new thinking and technological solutions to solve ongoing issues facing the government.
“Stand out grant applications will offer a possible solution to an intractable problem for government service delivery, that is innovative (providing the potential to develop new intellectual property) and clearly not currently in the market,” Wilkinson says.
Companies need to have fewer than 200 employees and have turned over less than $50 million in the last three years.
Wilkinson adds they will be releasing information on the particular challenges they’re seeking solutions for in the coming month or so.
Start-ups will need to apply and pass four phases including a technology challenge, feasibility study, demonstrate proof of concept and their organisation’s market-readiness.
Start-ups and small businesses will retain ownership of all the intellectual property developed.