The Digital Futures Fund is a Victorian Government initiative supporting collaborative projects that involve the development of information and communication technology (ICT) solutions. The objective is to ‘transform current business practices and deliver productivity benefits to Victorian small and medium sized enterprises (SMEs)’.
The program is designed to help SMEs overcome business challenges through the use of ICT by reducing barriers to specialist ICT resources, knowledge and technical expertise. The fund provides financial support to projects undertaken in Victoria for a maximum duration of two years. Successful project applications will satisfy the following requirements:
- Assist Victorian SMEs to solve shared business challenges through the development and implementation of ICT-led solutions
- Deliver significant improvements to products, services and/or business models and productivity
- Commit to share project learnings with other businesses
Business challenges are required to be measurable and quantifiable (e.g. time, staff, energy, waste, dollars etc.) so be sure to keep this in mind when generating your project proposal.
Available funding ranges from $50,000 to $500,000 depending on the project, and is related to the complexity, level of innovation and/or the expected quantifiable benefits arising from the proposed project. The applicant must be able to contribute at least 25% of the total project value. More detail on funding requirements, and what is and isn’t eligible for funding is available from the Business Victoria website.
Projects must be collaborative, meaning they will comprise a minimum of three parties. For full details on eligibility please see Business Victoria. Their website also contains detailed information on the application process and a range of information sessions happening throughout February.
This is a great opportunity for small and medium businesses to innovate changes that will help themselves and fellow Victorian businesses operate competitively in evolving markets into the future.