Future Industries Fund – Sector Growth ProgramOverview
This program aims to undertake Victorian based projects aligned with the Future Industries Sector Strategies, that will create new jobs and drive growth, productivity and competitiveness of Victorian businesses. It is an initiative under the $200 million Future Industries Fund which has been created to focus on developing key high growth, high value industry sectors to further enhance Victoria’s competitive advantage by building on existing strengths in each industry sector.
There are two funding streams available:
1. Stream 1: Scoping, Planning and Feasibility
- For projects that focus on scoping, planning and feasibility studies directed at identifying opportunities aligned with the Future Industries Sector Strategies and that offer potential for growth of Victorian businesses.
- Grants of up to $100,000 are available.
- Projects are to be completed within six months of the negotiation of a funding agreement.
2. Stream 2: Project Implementation
- Aims to implement projects aligned with the Future Industries Sector Strategies that will generate new jobs and increase competitiveness of Victorian businesses.
- Grants of up to $1 million are available.
All grants must be matched by a minimum cash co-contribution of $1 for every $1 granted.
Eligible applicants must:
- Be an incorporated entity with an Australian Business Number (ABN).
- Have at least two years trading history.
- Have its principal place of business in Victoria or have a significant business presence in Victoria.
- Have sufficient dedicated resources to manage the grant.
- Be authorised to lead and facilitate activities supported by the grant on behalf of the other consortium members. (For Stream 2 only)
- Be clearly accountable for the reporting and validation of project outcomes, including the number of new jobs delivered. (For Stream 2 only)
Stream 2 requires that applications are submitted on behalf of a consortium. (Stream 1 of the program does not require a consortium).
Please refer to the Guidelines for the complete eligibility requirements.
Eligible projects include, but are not limited to:
1: Stream 1: Scoping, Planning and Feasibility
- Road mapping
- Supply chain analysis
- Sector capability audits
- Economic impact analyses
- Feasibility studies
- Sector opportunity analysis
- Market development strategy
2. Stream 2: Project Implementation
- Shared infrastructure solutions
- Piloting new technologies, such as demonstration plant/equipment
- Consolidating and developing industry capability
- Testing and validating new services
Please refer to the Guidelines for the list of eligible expenditure.
The main assessment criteria include:
- Alignment with relevant sector strategy/ies and potential to deliver broad sector benefits.
- Demonstrated need for the project.
- Demonstrated capacity and/or capability to successfully implement the project.
- Value for money, emphasising need for government support.
- Economic benefits the project will bring to Victoria. (For Stream 2 only)
Please refer to the Guidelines for the complete list of the assessment criteria.
The following are ineligible for funding:
- Business-as-usual expenses, including salaries and on-costs of existing employees and general overheads associated with normal business operations.
- Expenditure on protection of intellectual property (for example, registration or maintenance of patents).
- Initiatives seeking retrospective funding for projects that have already started or have been announced.
- Activities that are the core business of other government programs.
- Activities that can be implemented through another government funding program.
- Tendering costs.
- Research & Development
- Business Support