Innovation enhancement
Business Advisory Services Update
The ‘Early-Stage Commercialisation segment’ of the newly announced ‘Industry Growth Program’ is targeted at small companies that may be still in the R&D phase, who are now contemplating the journey from feasibility studies and the development of proof of concept through to the production and testing of early prototypes as part of their innovation journey.
These companies are typical SMEs that are looking for assistance from accountants to guide them on a range of technical issues.
The Early-Stage Commercialisation funding is a Grant on a 50-50 basis of $50,000 – $250,000 for eligible applicants for activities which are described as:
Critical function or proof of concept established: applied research and early-stage development begins.
Laboratory testing/validation of alpha prototype: design, development and lab testing of technological components are performed.
Laboratory testing of integrated/semi-integrated system: system components and/or process validation is achieved in a relevant environment.
Prototype system verified: system/process prototype demonstration in an operational environment.
Many of these companies will be looking to find external funding for their 50% share of the costs of the Early-Stage Commercialisation activities. This requirement brings accountants’ opportunities for additional assignments relating to:
- Business Plans
- Predictive Accounting Reports – Budgets – Cash Flow Forecast – Projected Balance Sheets
- Assistance with the documentation to qualify as an Early-Stage Innovation Company, to raise capital from investors who appreciate the incentive offered by the Government for investment in these types of companies.
Now is the time for accountants/bookkeepers to get involved in helping these clients with the first round of approval for Early-Stage Commercialisation Grants expected in early 2024.
ESS BIZTOOLS has developed product packages to assist Accountants/Bookkeepers to advise SMEs on this grant. To find out more, contact us on 1800 232 088 or email .
