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Victoria launches $5m technology adoption initiative for SMEs

Adrian Flores
Adrian Flores
07 April 2021 1 minute readShare
technology adoption initiative for SMEs

The Victorian government has revealed a new $5 million grants program for small- to medium-sized businesses seeking to implement digital solutions in order to improve productivity and competitiveness.

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.

Victoria launches $5m technology adoption initiative for SMEs
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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