Biotechnology

Victorian Government’s Technology Voucher Program

November 19, 2012

The Victorian Government is making available up to $8 million to assist companies to develop and trial new technologies. The program is targeted at the development, adoption and integration of industrial biotechnology, small technologies and advanced information and communication technology (ICT) by businesses.

Watermark is pleased to be an approved supplier under the program.

Voucher Types

The following vouchers are available:

Type Value Purpose
Technology Development $50k

To undertake technology development and/or absorption activities

Technology Implementation $250k

To undertake substantial testing or applied development activities in order to adapt existing technology based innovations into new practice or within new markets

To undertake substantial testing or applied development activities in order to adapt existing technology based innovations into new practice or within new markets.

Timing

The government is now accepting applications for both voucher types. However, applications for the higher value Technical Implementation vouchers close at 3 pm on 28 November 2012.

Process

The program provides vouchers that can be exchanged for access to facilities, goods, services, advice or expertise provided by firms such as Watermark, other companies or publicly funded research organisations. In a nutshell, the process involves:

  1. Applicant completes the application form available from www.business.vic.gov.au/tvp, including details of their proposed project and approved supplier.
  2. The government program team assesses applications, with the assistance of an expert assessment panel.
  3. Successful applicant, who enters into an agreement the approved supplier, receives a voucher.
  4. Successful applicant uses the voucher to pay for the approved supplier’s services or goods.

Uses

A voucher could be used, for example, to:

  • conduct a patent freedom to operate search;
  • develop a prototype;
  • conduct pilot scale trials; or
  • test the applications of the technology in new products.

Eligibility

To be eligible, amongst other things, a business must:

  • be registered in Victoria;
  • carry out more than 50 per cent of their business activity in Victoria; or
  • undertake the project with a Victorian supplier and demonstrate that significant and measurable benefits are likely to flow to Victoria from undertaking the project.

Further Information

Anyone contemplating applying for a voucher should review the detailed information available on the government website www.business.vic.gov.au/tvp. We have included only the basics in this post.

Voucher recipients must agree to certain conditions, including a minimum cash co-contribution.

We encourage anyone considering applying for a voucher to access our services to contact their Watermark advisor for assistance.

by Geordie Oldfield

audits   freedom-to-operate   inventions   new products   technology

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