Research, Commercialisation and Startup Fund (RCSF)Overview
This program aims to contribute to economic growth by supporting collaboration between enterprise, researchers and universities and the commercialisation of new products and services, building research and research infrastructure capability in South Australia through increased investment and encourage the establishment and growth of startups.
The program comprises three competitive funding streams:
1. Stream 1: Strategic Research Initiatives
- Aims to support research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia.
- Grants between $50,000 and $2 million are available.
- The maximum project duration is up to four years.
2. Stream 2: Startup and Early Stage Company Incentive
- Aims to provide participants with access to funding to grow their innovative early-stage business.
- This stream has three entry pathways:
a) Bootstrap pathway: Grants between $20,000 and $100,000 are available on a 1:1 matched funding contribution.
b) Incubator pathway: Grants between $20,000 and $100,000 are available on a 2:1 matched funding contribution.
c) Scale-up pathway: Grants between $100,001 and $1 million are available on a 1:1 matched funding contribution (at least 50% provided by investors).
- The maximum duration for all funding pathways is three years (subject to negotiation).
3. Stream 3: Entrepreneurship and Innovation Ecosystem Initiatives
- Aims to build South Australia’s startup ecosystem by supporting programs, events and activities that have broad benefit to the startup community.
- Grants between $20,000 and $500,000 are available. Matched funding is determined on a case-by-case basis.
- Maximum project duration is up to three years.
- Whilst this stream is open to expressions of interest on an ongoing basis, specific calls for proposals may be invited at any time by the Department for Innovation and Skills to address specific priorities or seek comprehensive proposals that address a number of initiatives.
- Call for proposals are now open for Stream 3: Activate Angels: Angel Group support.
a) This initiative facilitates and encourages angel, venture capital, private equity, corporate and other forms of investment into early-stage local businesses.
b) A total funding pool of up to $450,000 over three years has been allocated to Activate Angels in this call for proposals. Funding will be provided on a matching 1:1 basis (there will be a preference for cash over in-kind support).
The SA Government will not take equity in companies receiving grants, however, all grants awarded greater than $100,000 in value will be contingently repayable by way of royalty. A royalty of 3% will be calculated on the revenue derived from the project up until the value of the grant has been repaid. If no income has been earned after ten years from the project completion date, no repayment will be required.
A total funding pool of $28 million is available.
The application is a two-stage process:
- Expression of interest
- Full application (by invitation)
Eligible applicants must be:
- A South Australian-based legal entity that is one of the following:
a) Business (including not-for-profits)
b) Business/industry association
d) Independent research institute
e) State government research institute
- Financially viable.
- Registered for GST and have an Australian Business Number.
If located outside South Australia, there may be special circumstances which merit consideration of the applicant and there is a commitment to relocate and maintain the relevant enterprise (in whole or part) in South Australia.
Please refer to the Guidelines for the complete eligibility requirements of each stream.
Eligible proposals include:
- Initiatives that provide innovative solutions or translate research into commercial outcomes that address economy-wide challenges for the State.
- Initiatives that increase the level of national funding for South Australian research and research infrastructure.
- Research collaborations that result in new financial services technologies or products.
- Initiatives that support the establishment and growth of startups to scale-ups.
- Initiatives that encourage and promote investment into South Australia’s startup and entrepreneurship ecosystem.
Please refer to the Guidelines for the complete list of eligible expenditure.
The following are ineligible for funding:
- Proposals where:
a) They are conducted outside of South Australia, unless there are special circumstances.
b) There is no clear evidence of industry participation or involvement.
c) They are already committed or retrospective funding is sought.
d) Significant funding is sought towards the cost of developing a proposal.
e) They have already received funding from the South Australian government, or require ongoing government funding
f) They are better suited to any other funding sources.
- Rent or other property fees.
- Salaries for business founders unless these are essential to the execution of the project (i.e. unique technical skills/knowledge).
- Recruitment and procurement fees.
- Basic office supplies and equipment.
- Grant application or administration costs.
- University administration/infrastructure levies.
- Any other activities as determined by the South Australian government that are the usual requirement of business.