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July 2021

Hi Innovator,

Welcome to INNOVIC’s July 2021 i-Newsletter.

This month we have tips on how to determine the value of your business; where to get free publicity; how to work with government on key challenges as well as details of grants, programs and resources.

We hope you enjoy it. 



Tel: 03 8060 3504
Mob: 0402 305 118




Selling your business?  What is it worth?

If you are planning to sell your business, you need to have an idea of its value. So … how do you determine what your business is worth? 

To sell your business you will need relevant documentation including comprehensive financials and revenue forecasts, as well as a list of the tangible assets that the business owns such as stock, equipment, furniture, vehicles, etc.  You should also list any other non-tangible assets e.g. intellectual property (IP), client or member data bases, supplier contracts, loyalty programs, websites.  A potential buyer will need to see any relevant legal documents such as leases, permits, registrations etc.

If you need assistance, you should contact your accountant or a business valuation specialist, but here are some of the ways to calculate the value of your business.

Asset Value. Add up all the business’s assets (allowing for depreciation) and deduct any debts or liabilities.

Discounted cash flow analysis.  Take the annual cash flow of the business, project it into the future and then discount the value of the future cash flow to today, using a net present value calculation. 

Market value To determine the market value of your business, you will need to consider the industry you are in as well as the level of your sales; the prevailing economic conditions; your location and what a similar business in your industry may be worth.  You can find industry data from the ABS to help you.  

Return on Investment (ROI). You can either use your business’s net profit to work out its value, either based on a selling price that you have in mind (ROI = (net annual profit/selling price) x 100) or a selling price based on a ROI that you determine (Selling price = (net annual profit/ROI) x 100).

Entry Cost Valuation This is based on how much it would cost to start the business from scratch. Set up costs could include equipment, stock, furniture, marketing, domain names, etc.

Need more info?

Inspiring purpose-driven innovations - from 3D printed homes to paper detergent bottles.

Financial support for businesses and workers

Free publicity for your business
An inexpensive way to help people to find your business is to list it on various free websites. Here are some suggestions.

What to do if your email is hacked. 

An alternative to business premises?

Do you provide personal services such as hairdressing, massage or manicures but don’t want the burden of a long lease, fit out or specialist equipment? 

There is another option. 
Check out the range of fully equipped suites available to hire. 

Concerned about water?

TANKLESS® is an innovative small business that can help you save and reuse rainwater and can even convert your unused swimming pool into an underground water storage tank.  

R&D Cash Flow Loans - are you eligible?

Are you a SME undertaking research and development to develop the products, services and technologies vital to the State’s future economy?

If you are also eligible for the R&D Tax Incentive you may be able to apply for a low-interest loan of between A$250K and $4 million. 

Guide to Australia’s incubators and accelerators for social impact

Good news for exporters!

The Federal Government’s Export Market Development Grant (EMDG) currently provides a cash rebate for approx. 50% of eligible overseas marketing expenses. 

From 1 July 2021 the EMDG is changing and will provide up-front grant funding for eligible expenses of up to $770K.

  • Tier 1: for eligible SMEs who are new to exporting, grants of up to $40K pa for two years.
  • Tier 2: for eligible exporters who plan to expand their presence in current markets, or enter new markets, grants of up to $80K pa for three years.
  • Tier 3: for eligible exporters who plan to make a strategic shift in their exporting business, grants of up to $150K pa for three years.

What is the Accelerating Commercialisation Program?

If you are developing a new product or technology and you want to learn about the grants and assistance under Accelerating Commercialisation Program, check out their fortnightly webinars. 

The webinars explain the eligibility and application process, and it is followed by a live Q&A session.  

Reminder: Increase to the super guarantee rate

As from 1 July the super guarantee rate will change from 9.5% to 10%.  If you have employees you will need to adjust your payroll and accounting systems to reflect the rise.

Are you a problem solver?  Can you solve key challenges for government?

Many governments and others use SMEs to help them to solve key challenges in their priority areas.  These challenges are posted regularly and typically provide funding for winning applicants to progress their solutions.

Do you need equipment?  Do you want to turn your equipment into $$$ 

A new service gives you the ability to hire things from your local community, and to also earn money by hiring out your own equipment.  

Are YOU the problem?

The journey from an idea to a viable commercial business requires a range of skills: from help to setting up and planning your business model, to assistance with IP, grants, design, prototyping, licensing and more. 
So don’t be your own worst enemy.  Get help NOW and start the journey.  Zoom consultations available. 

Call INNOVIC on (03) 8060 3054 or www.innovic.com.au

Crazy ideas that made $$$ - from pet rocks to doggles

Interested in start-up statistics? 

Start me up: Protecting and profiting from your new ideas

This free eBooklet from INNOVIC, Matrix Thinking and Griffith Hack includes:

  • How to find new business ideas and opportunities (even in a crisis)
  • Understanding intellectual property; the different types of IP, duration and disputes
  • Legal documents and how to use them
  • What to include in a pitch deck and business plan
  • How to profit from your ideas
  • Useful resources

Download it here


Boab Scale up program - a 6 month scale-up program for AI founders and start-ups. Plus $300K investment in exchange for equity.  

StartNorth Accelerator Program - a 3 month online program for migrants and refugees in the Hume council area with ideas for a new business.  Closes 2 July 2021.  

The CBA’s Xccelerate21 - an accelerator program for experienced entrepreneurs to reimagine retail, including how customers shop, pay and are rewarded throughout the retail experience. Close 13 July 2021.

SheEO - support for women and non-binary people working on the world’s to do list. Includes a loan, coaching and more. Closes 16 July 2021. 

GRIST 2021 Accelerator - a 5-day intensive skill-building program and a 3-month mentorship for social enterprises to launch a MVP. Closes 28 July 2021. 



The Community Social Enterprise Development Grants Program - $5K to $20K for Qld NPs to grow existing social enterprises and expand skills development and employment opportunities for disadvantaged Queenslanders. Closes 1 July 2021. 

AusMum Entrepreneur Awards - Various categories. Closes 2 July 2021.

Business Competitiveness Program - $50K to $500K (33% of eligible costs) to expand manufacturing operations and implement new manufacturing technologies and processes.  Extended to 4 July 2021. 

The 2021 Australia Post Community Grants Program - to $10K for eligible community-led, local projects that connect individuals and communities to improve mental health and wellbeing. Closes 4 July 2021. 

PassionFund - USD$250K prize pool for creators, business owners, activists, or anyone with a big dream, to help turn their passion into a living.  Closes 7 July 2021.

Hume City Small Business Grants - to $20K for ideas that will create local employment and/or expand a business.  Applicants must be operating a business in the Hume Council area.  Business recipients of a Hume Council grant in the last financial year can still apply after 1 July 2021.  Closes when funds are expended. 

Recycling Victoria Research & Development Fund: Organics - to $300K for businesses and research organisations to research and develop innovative ways to improve processes, performance or systems for recycled organics.  Closes 16 July 2021. 

Innovation AusAwards for excellence 2021 – for outstanding performance in the commercialisation of innovative Australian ideas and intellectual property. Various categories. Closes 21 July 2021. 

Victorian Law Foundation Knowledge Grants - to $50K for organisations to build their research capacity and get a better understanding of the legal needs of the community. Opens 1 July 2021.  

The Alice Anderson Fund (TAAF) - a $10m sidecar investment fund that co-invests in female led start-ups.  It will provide $50K to $300K.  Applications open 1 July 2021. 

City of Yarra Climate Action Grants - For ideas on climate action in Yarra to help create a sustainable city.

  • Small Project Grants - $1K open until funds are expended.
  • Climate Action Grant – Tier 1 $5K for smaller projects that accelerate community-led climate action. Closes 15 August 2021.
  • Climate Action Grant – Tier 2 $10K for more substantial community projects that accelerate community-led climate. Closes 15 August 2021.

Small Business Innovation Research program - funding for SMEs to find and commercialise innovative solutions to five specific problems defined by NSW Government agencies. Grants include $100K for feasibility study; $1m for POC and funding for procurement. Closes 16 August 2021. 

The Strengthening Rural Communities program - to $10K for grassroots, community-led initiatives that benefit small rural, regional and remote communities.  Closes 24 August 2021. 

Kickstarter Challenge - Winners share $60K in seed capital plus support and mentorship for business or entrepreneurial ideas from women 18 – 25 years.  Closes 30 August 2021. 

Pause Awards - Recognising successful products, services, people, ideas and campaigns that are leaving a positive impact in society and building a better ecosystem.  Late entries close 1 October 2021. 

Westpac Scholars Trust 2022 - seeking 100 bright sparks to become Westpac Scholars. $120K plus  across five streams with scholarships available for undergrads, post-grads, post-doc researchers and social entrepreneurs.  Close 2 December 2021.  

Commercialisation Fund - $100K to $1m for projects to bring industry and researchers together to commercialise new manufacturing products and processes within six manufacturing priorities: recycling and clean energy, medical products, food and beverage, resources technology and critical mineral process, defence and space.  Closes 30 June 2022. 

Food to Market Grant Program - Agriculture Victoria - $50K to $1m for projects to support jobs, deliver productivity improvements and capitalise on new opportunities across the agri-food supply chain.  Closes 30 June 2022. 

Investment Fast-Track Fund - to $500K to support regional and rural projects by funding planning and preparation activities to get projects to the investment ready stage.  Closes when funds are exhausted. 

Regional Jobs Fund - support for projects which create employment across industry sectors where regional competitive advantage exists. Closes 30 June 2022 or until funds are exhausted. 

XPrize Musk Foundation - $100m for carbon removal. A four-year global competition for innovators and teams to create and demonstrate solutions that can pull carbon dioxide directly from the atmosphere or oceans and sequester it durably and sustainably.  Closes 22 April 2025. 


Ongoing Grants

Accelerating Trade Grant Program - to $10K for Tasmanian-based businesses to support activities that will lead to new trade opportunities.  

Advanced Manufacturing Early Stage Research Fund - $100K to $400K for SMEs to back industry-led pilot projects in advance manufacturing. 

ARENA - funding for renewable energy projects to bridge the gap between bright ideas and commercialisation. 

Biomedical Translation Fund (BTF) - support for early stage companies that are, or will be, developing and commercialising biomedical discoveries. 

Business Development & Assistance Program - a range of assistance, training and workshops for Aboriginal and Torres Strait Islander individuals and businesses to start or grow a small to medium business.  

Business Innovation Support Initiatives: Voucher Scheme - $25K voucher for NT businesses to conduct R&D on innovative products or services in science, engineering, technology and design. 

The Catalyst Fund - $2.5K to $15K for early-stage, innovative and unconventional ideas that address urgent challenges. 

Community Grants - for NFP organisations working for the relief of poverty, sickness, distress, the advancement of education and other purposes of benefit to the community. 

CSIRO – Kick-Start Vouchers for start-ups and SMEs. To $50K (matched funding) for various activities to be conducted by CSIRO e.g. product development, research, testing.   

Defence Industry & Innovation Programs:
 • Defence Innovation Portal for ideas that comply with the priority innovation needs.
 • Next Generation Technologies Fund for R&D projects in future technologies.

English Foundation - $50K to $100K for social enterprise changemakers who are tackling pressing community issues and want to scale to be impact-investment ready. DGR or TCC status required. 

Entrepreneurs’ Programme - three streams.
 • Accelerating Commercialisation Grant - to $1 million for eligible projects.
 • Business management - to $20K for business capability improvements.
 • Innovation connections - to $50K for a business innovation project  

Export Market Development Grants - to $770K in grants for eligible export promotion expenses.  

Games Release Fund - to $30K to support small Victorian games studios with business development, marketing etc.  

Global Innovation Fund - $50K to $15m for the development, rigorous testing, and scaling of innovations that improve the lives of the world’s poorest people. 

Google Ad Grants for NFP with charity status - to US$10K per month in kind for google ads. 

Impact Investing Ready Growth Grant – to $140K for capacity building from mission-driven organisations.  

The IMCRC (Innovative Manufacturing Cooperative Research Centre) provides access to R&D expertise for manufacturing companies and matched funding to $3m per company for multi-year research undertaken by universities and/or CSIRO. 

Innovation Connections - assists businesses to understand their research needs, connect with the research sector and fund collaborative research projects.
 • Stage 1 - a Service Report that helps you understand your business’s research needs and opportunities
 • Stage 2 - grants from $30K to $50K to undertake a research project based on the report

Investment Fast-Track Fund - to $500K to support regional and rural projects by funding planning and preparation activities to get projects to the investment ready stage.  Closes when funds are exhausted. 

Minimum Viability Product - NSW to $25K for NSW tech SMEs to create B2B solutions. 

New Enterprise Incentive Scheme (NEIS) - Up to 39 weeks income support, business training and mentoring for job seekers with new business ideas. 

Pearcey State Entrepreneur Awards – recognising innovative talent in the ICT profession. Awarded to an individual who has "taken a risk, made a difference and is an inspiration" within the ICT industry within each Australian State. 

Research Commercialisation and Start up Fund (SA) - Funding for SA-based companies to support collaboration between enterprises, researchers and universities to commercialise new products and services.

• Stream 1 - Strategic Research Initiatives ($50K to $2m
• Stream 2 - Startup & Early Stage Company Incentive ($20K to $1m)
• Stream 3 - Entrepreneurship & Innovation Ecosystem Initiatives ($20K - $500K) 

Small Business Export Loan - $20K to $350K unsecured loans to help finance a single export contract when your bank is unable to help.  On-line application.

Sovereign Industry Capabilities Priority Grant (SICP) - $70K to $1.4m to help SMEs invest in projects that build capabilities aligned with Defence's stated Sovereign Industrial Capability Priorities. 

Stepping Stones to Small Business program - a micro enterprise program to help women from migrant, refuge and asylum seeker backgrounds to develop business skills.   

The Enterprise Solution Centre matched funding of $2.5K to $100K to help find commercialisation solutions for novel product, process or service. Must be a food, beverage or agribusiness producer, or a supplier to the agribusiness chain. 

Universal Charitable Fund (UCF) - $2K grants for NFPs with DGR status who are helping people in need in the community or overseas. 

Valuing Business Waste Grants SA  – to $15K funding for projects that identify better ways to manage waste and transition to a circular economy. 

Victorian Business Growth Fund - for businesses with long term growth and high job creation potential with an annual revenue of over $5m.  The investment will be equity or a debt stake. EOIs now open. 


15 - 18 July 2021  Free and ticketed events
Adelaide Festival of Ideas
A celebration of innovation, music, art, light and technology.

15 - 17 July 2021
Future Founders Festival
Online events, pitches, seminars

21 July 2021
Social Enterprise Unconference

24 - 25 July 2021
Open House Weekend
Digital and in-person events

26, 27 & 30 July 2021
Venture Capital & Investor Conference
Live and virtual events

14 - 22 August 2021
National Science Week – In person and virtual events



We know IP

At Griffith Hack, we know IP. And we think we can deliver more than other firms who work in this area.

We call it IP amplified.

Ideation is a multi-award winning product design consultancy with over 30 years’ experience in developing new products and ideas.

We provide a complete product development service from concept generation, 3D CAD & prototyping, through to production documentation and specification.

Chambers & Partners is a full-service chartered accounting practice.  We specialise in assisting small and medium-sized businesses to achieve their ambitions – providing them with the insightful, careful and expert business accounting services they need in order to succeed.

Start me up: Protect and profit from your new ideas - Free e-booklet

This free eBooklet from INNOVIC, Matrix Thinking and Griffith Hack includes:

  • How to find new business ideas and opportunities (even in a crisis)
  • Understanding intellectual property; the different types of IP, duration and disputes
  • Legal documents and how to use them
  • What to include in a pitch deck and business plan
  • How to profit from your ideas
  • Useful resources 

Download it here

INNOVIC’s Entrepreneurs’ Toolkit

a FREE downloadable resource.

The toolkit contains information on idea evaluation, funding options, business structures, key federal grants, protecting your digital ideas, growing your business, legal documents, disputes - and how to resolve them.

Plus useful resources, links, and tips from the contributors: AB Phillips, INNOVIC, IP Australia, Rankin & Co, Saving Point and the Victorian Small Business Commissioner.

Download here