Victoria-Israel Science and Technology Research and Development Fund (VISTECH)
Posted: 16 June 2023
Closes: 11 September 2023
Up to $250,000 to support innovative collaborative R&D projects by Victorian and Israeli organisations.
The VISTECH program supports collaborative R&D projects aimed at achieving commercialisation of new or improved products, processes or services that can potentially contribute to the economic development and public benefit of Victoria and Israel through the following types of activities:
Technology-based products processes or services
The advancement of these technologies to commercial readiness
The identification of steps for realisation of economic benefits for all parties concerned; and/or
The support of new technologies from proof of concept to a minimum viable product (MVP) stage of development in respective markets. This would directly support businesses that have proven the feasibility of their technology.
MVP projects are designed for pre-revenue technology businesses to help engage potential business, customers, or market channels to achieve market validation prior to first sale.
Please read all the information on this page and the program guidelines before submitting your application.
Applications to the Victoria-Israel Science and Technology Research and Development Fund (VISTECH) will close at 5pm on 11 September 2023.
To be considered for funding, applicants must co-operate on innovative market-driven development of an innovative technological product, process, or service.
The project partners must include:
At least one Victorian company with a trading history and ABN
At least one Israeli company.
Victorian Applicants must meet all of the following criteria to be eligible:
The application is an eligible for-profit entity type or commercially focused not-for-profit; and
The applicant is operating in Victoria; and
The applicant has a registered office and principal place of business located in Victoria; and
Be non-tax exempt; and
Active ABN; and
Registered for GST; and
Can contribute a minimum of 50 per cent of the project cost.
Collaborating companies take forward parallel applications in Victoria and Israel. Academic institutions can participate as subcontractors only.
Israeli applicants are required to be an industrial corporation registered in Israel and operating according to the laws of the State of Israel, which conducts research and development for commercial needs.
Grant recipients must pass risk assessments by the Department of Jobs, Skills, Industry and Regions (DJSIR) related to financial risk and business unit risk.
The Victorian applicants must therefore provide:
Audited Financial Reports for the last three financial years. This should be the ‘final accounts’ with Directors’ Report and Declaration and should include Profit & Loss Statement, Balance Sheet, Cash Flows, and notes to the accounts.
The company’s financial projections for the next three financial years, including Profit & Loss and Cash Flow.
OR (For companies that have been registered for less than 3 years):
Provide evidence you have been a registered company for less than 3 years.
Provide evidence of your ability to fund at least 50 per cent of eligible project expenditure, such as funding strategy, a bank statement, or loan agreement.
You must also provide an Accountant Declaration that confirms your ability to fund the project and supporting documentation in the form of Letters of Support from investors, Management History, and/or Personal Assets and Liabilities.
Audited Financial Reports from date of registration until application date. This should be the ‘final accounts’ with Directors’ Report and Declaration and should include Profit & Loss Statement, Balance Sheet, Cash Flows, and notes to the accounts.
If there is no trading history, a statutory declaration is required.
Companies are required to make a co-contribution of an equal or greater value than the grant amount requested. The Government funds can be used to leverage funding from other programs separate from VISTECH itself. However, the requirement remains for the partners to at least match the Victorian Government’s contribution.
VISTECH funding can be applied flexibly to project related expenses; funding is not intended to cover ‘business as usual’ expenses.
Project costs and activities
Eligible project costs and activities may include:
Personnel costs for staff dedicated to the project
Cost of purchasing, leasing, or renting equipment or instrumentation
Cost of sub-contracting and consultancy services used exclusively for the project
Other operating expenses (e.g., cost of materials, consumables, and other supplies)
Outlays to meet regulatory requirements
Knowledge transfer to industry and other end users
Corporate overheads as well as financial charges are not eligible.
Ensure you receive an email confirmation of application submission. Please check spam/junk mail if the confirmation email is not in your inbox.
Only final applications that are lodged with the Department or the IIA will be considered and assessed.
Israeli applicants are subject to the evaluation procedures of the IIA, which generally includes on-site visits and interviews by an assigned professional evaluator. The IIA Research Committee then makes a decision regarding whether the project is eligible for funding and for what amount.
The projects are then reviewed by a Joint Management Committee. Only those projects that are approved by both Government authorities receive funding.
Letters of offer are sent by the IIA to successful Israeli applicants.
Applications will be assessed on the following criteria.
Technical strength includes:
The level of innovation and novelty of the product
The technological barriers, risks, and opportunities of the development
The creation of intellectual property.
Business – commercial potential
Commercial potential includes:
The potential market size
The path to adoption (commercialisation/utilisation) will achieve the identified outcomes
The funding sought will generate a return on investment
The solution answers market needs
The global market size
The expected market share for the company
Significant competitive advantage based on a comparison of competitor companies and products.
Collaboration – organisational capabilities
Organisational capabilities include:
The position of the organisations in the sector
The capabilities of the management and research and development teams
The ability of the collaboration to achieve the intended results
Contribution to the economy
Contribution to the economy includes:
The potential contribution of the technology to the economy and society
The potential of an industry sector or user group to make productivity gains from the technology
Additional investment, export, and employment opportunities.