Thousands more Australian businesses will now be able to apply for matched funding grants to undertake research and development, with the CSIRO revealing on Tuesday that it has lifted the eligibility threshold for its Kick-Start grants program.
The Kick-Start program has been operating since 2017 and has supported more than 260 small business projects during this time.
The program has contributed close to $24 million towards R&D activities and the companies it has supported have a combined market value of more than $2 billion.
Until now, Australian businesses with up to $1.5 million in annual revenue or operating expenditure were eligible for the program, which provides dollar-matched funding of between $10,000 and $50,000, and access to CSIRO’s research expertise for R&D projects.
This revenue threshold has been lifted to $10 million, opening up the program to a larger proportion of Australian businesses.
According to figures from the Australian Small Business and Family Enterprise Ombudsman, 98.3% of Australian businesses – or 2.5 million businesses – generate up to $10 million in annual revenue.
This compares to around 2.3 million businesses, or 92.6%, that record up to $2 million in annual revenue.
Companies that have been operating for less than three years may also be eligible for the Kick-Start program, which also requires participating businesses to have an Australian Company Number, be registered for GST, and be able to provide matched funding.
In its six years of operation, the Kick-Start program has supported small businesses and startups from a diverse range of industries, from high-tech manufacturers to wellness advocates.
Among the first businesses to receive matched funding via the Kick-Start program were electric vehicle developer Tomcar Australia and biotech firm Bio-Gene in 2017.
Construction startup Ynomia secured $50,000 in funding in 2018, while Adelaide-based T-Provenance, which was working to track mangoes on the blockchain in 2018, also received support from the program.
More recently, Australian theatre stars and founders Elise McCann and Lucy Durack worked with CSIRO researchers through the program to undertake a month-long, peer-reviewed study into the benefits of their stress management and wellness app Hey Lemonade in 2022.
“CSIRO can absolutely play a role in supporting SMEs to embrace research and in stimulating entrepreneurship among our scientists and others in the community,” said CSIRO CEO Dr Doug Hilton in a statement on Tuesday.
“Expanding the eligibility of the CSIRO Kick-Start program means we can offer more Australian businesses, more Australian innovators, more Australian entrepreneurs access to the resources, knowledge, and support they need to flourish.”
Many SMEs and startups face financial and expertise barriers when it comes to accessing R&D, said Kick-Start program manager Dr Megan Sebben.
“Our program services as a driver for change, providing comprehensive facilitation to overcome these challenges,” she said in the statement.
More information about the CSIRO’s Kick-Start program is available here.
News Editor
Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on Twitter at @ellykeating.
