The Victorian Government is calling on eligible small and medium enterprises to apply for up to $50,000 through the fourth round of the popular Boost Your Business (BYB) Voucher Program.

Wandin Valley Farms received funding through Boost Your Business to accelerate its cherry sales to China. The voucher has resulted in multi-million-dollar export growth for the company.

About BYB

The Victorian Government launched BYB in December 2017 to support Victorian businesses to become more productive, employ more people, improve market access and in general, increase their size, diversity and profitability. The three main objectives of BYB are to:

  1. increase the number of Victorian businesses entering new export markets and securing supply chain opportunities
  2. increase the number of Victorian businesses developing and commercialising new products and services through research and development and generating improved productivity through process innovation
  3. improve the capability of Victorian businesses to accelerate growth and realise new opportunities.

The first three rounds of vouchers provided almost $9 million for Victorian businesses, including $1.8 million allocated to support more than 70 businesses earlier this year.

BYB opens the gateway to Asian markets

In August 2017 the Victorian Government released its Globally Connected: Victoria’s Trade Statement, which forms a key part of the Victorian Government’s approach to building the Asia capabilities of Victorian businesses and their capacity to secure market development and export opportunities in Asia.

The Asia Gateway Voucher Stream is seeking Voucher projects that align with the Stream objectives:

  • Capitalising on growth opportunities in Asia – Voucher projects will increase immediate to short term business activities with Asian markets.
  • Connecting and expanding into Asia – Voucher projects will provide businesses with the knowhow, networks and skills for effective access to and expansion into Asian markets.
  • Increased Asia capabilities – Voucher projects will better position businesses for long-term engagement with Asian markets.

The Asia Gateway vouchers help businesses from industries as varied as food and wine, ICT, sport, education, aged care, skin care, tourism, mining and architecture to take the very best of Victoria’s goods and services to Asia. The vouchers support them to partner with regional and industry experts to access the tools they need to succeed in lucrative Asian markets.

Support can include tailoring marketing and products to new markets, undertaking research and development, strengthening networks, building relationships, and gaining certifications.

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Other BYB Streams

Advanced Manufacturing

In 2017 the Victorian Government released its strategy titled Advancing Victorian Manufacturing: A Blueprint for the Future.

A key component of the strategy is helping businesses innovate, increase their scale and build export capability.

To deliver on this, the Advanced Manufacturing Voucher Stream has been established to achieve the following objectives:

  • increase the development and commercialisation of new products and advanced manufacturing processes by Victorian manufacturers
  • increase the adoption of new or improved business capability by Victorian manufacturers
  • increase the number of Victorian manufacturers entering new export markets and securing global supply chain opportunities.

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Victoria-Israel Innovation

The Victoria-Israel Innovation Voucher is funded under the Victoria-Israel Science Innovation and Technology Scheme (VISITS), which is an initiative providing Victorian and Israeli organisations with the opportunity to work collaboratively on projects of mutual benefit.

The Victoria-Israel Innovation Voucher program supports Victorian technology companies to increase business and innovation networks and activities with Israel by developing technology projects, including for example, feasibility and proof of concept testing, and market engagement.

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Defence, Aerospace, Cyber and Security

In 2016 the Victorian Government released its Defence Technologies Sector Strategy. The Defence, Aerospace, Cyber and Security Voucher Stream is an initiative that will support SMEs to improve their business maturity and capability to effectively compete for and win defence and security related contracts and supply chain work.

Sectors supported include:

  • defence
  • aerospace (including aeronautics and astronautics)
  • national and civil security.

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Food Innovation

In March 2016, Victorian Government launched its Food and Fibre Sector Strategy.

A key component of the Strategy is helping businesses innovate and grow. The Victorian Government has established the Food Innovation Voucher Stream to encourage collaborative problem solving, develop innovation capability and stimulate business growth. These Vouchers and the Food Innovation Network link industry with innovation services and capabilities in regional and metropolitan areas, including the government’s key food and fibre research centres and relevant CSIRO, university and industry facilities.

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Social enterprise capability

In 2017 the Victorian Government released the Victorian Social Enterprise Strategy (the Strategy) which outlines how the government will partner with its stakeholders to provide support and strategic leadership to the sector. The Social Enterprise Capability Voucher Stream is a key initiative to support the viability, sustainability and growth of social enterprises through building their business capacity and skills to become self-sufficient and investment ready.

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Applications open for business

Applications for the current round of the Boost Your Business Voucher Program are open and close on 22 December. Find out more about how to apply and your eligibility by visiting our programs and initiatives page.