With an Accelerate Small Business matching grant of up to $10,000 per applicant, one-to-one services like Impact Innovation’s Expert Assessment, Expert Pathways and Expert Pitch Lab will be accessible to more Queensland businesses.
The program will also support businesses wanting to form an advisory board, which is another service Impact Innovation provides to help smaller companies discover, assess and exploit the value of new ideas.
This includes establishing effective innovation systems, maximising outcomes from R&D collaborations with universities, fast-tracking new technologies to market, and liaising with investors, multinationals and other potential collaborators.
“Every enterprise needs to continually reassess and redefine its business model to survive. Recognising the need for different expertise, and bringing on board the right skills at the right time, is critical for change to succeed,” Impact Innovation Managing Director, Brian Ruddle, said.
“The Accelerate Small Business grants program presents a really practical and valuable opportunity to bring specialist innovation and technology commercialisation skills into your team.”
When Small Business Minister Leeanne Enoch launched the grants at DestinationQ in Mackay last week, she said “the program would provide targeted assistance for small businesses to engage high-level experts to boost business growth.”
“Businesses mentored in 2014-15, reported that in 2015-16 they had increased employment by 12 per cent, turnover by 7 per cent and gross profits by 18 per cent,” the Minister said.
Expert Pathways, Impact Innovation’s kickstarter mentoring program, connects small business owners with an innovation and commercialisation practitioner who appreciates the challenges of the sector they’re in or the market they want to disrupt.
The mentoring sessions are offered in person or by Skype and include straight talk about where the business or new technology is at and what’s holding it back, connections to other commercialisation-related experts, and help with developing a practical and responsive action plan.
Companies eligible for the Accelerate Small Business grants must be financially sound and have the potential for a 20 percent increase in turnover or employment during the funded period. They must also have a business plan and capacity to access finance to grow their business.
Details about the Accelerate Small Business program can be found here: www.business.qld.gov.au/accelerate.
For more information about Impact Innovation’s mentoring and advisory board services, please visit www.innovateqld.com/services/sector-sme.