Under the Technology Adoption and Innovation Program, businesses will be allowed to apply for grants of up to $50,000 for innovative tech projects.
The grants fall under one of two funding streams. The first allows small- to medium-sized enterprises to partner with a specialised technology provider.
Partnerships may include implementing new e-commerce systems, artificial intelligence or machine learning processes, data analytics, robotics or cyber-security technology.
The second funding stream is for companies involved in technology development to create new products and services.
Product development could be across areas including micro or nanotechnology, software for business-to-business messaging, fintech applications, healthcare equipment and retail technology.
The Victorian government said it will match contributions from applicants as part of the program, with those applying required to contribute a minimum of $20,000 towards the total cost of projects.
The boost is part of the Victorian government’s $121 million allocation for innovation initiatives in the 2020–21 Victorian budget.
Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said the program will be a catalyst for more Victorian businesses to embark on their own innovative projects, whether they’re implementing technology or developing a new commercial product.
“We’re enabling businesses to capitalise on technology to boost productivity, create new business opportunities and drive economic growth,” Ms Pulford said.
“Initiatives developed with support from this program will really cement Victoria’s position as a leading tech hub in the Asia-Pacific.”
Businesses can apply for grants under the Technology Adoption and Innovation Program by clicking here. Applications close on Monday, 19 April.