New fund to support entrepreneurs

New fund to support entrepreneursThe State Government has created a $1.7 million fund to help entrepreneurs translate their great ideas into high-value businesses. The South Australian Micro Finance Fund (SAMFF) offers grants of up to $,000 to encourage entrepreneurs to develop their ideas and help enhance the state’s innovation credentials. Manufacturing and Innovation Minister Kyam Maher said more entrepreneurial activity would help the State Government achieve one of its economic priorities – Growth through Innovation. “The aim of the Fund is to make South Australia more globally competitive by building our innovation capabilities,” he said. “The grants will enable businesses to take a new idea through to production and sales, and therefore generate exports and growth. “The Micro Finance Fund also delivers on a key recommendation of the Adelaide Entrepreneurial Forum, which was established in 2013 to review a range of issues concerning entrepreneurs including access to finance.” It is funded through the State Government’s $60 million Our Jobs Plan. Grants will be offered on a 2:1 basis – successful applicants will receive $2 of SAMFF funding for every $1 they raise, with a maximum grant of $,000. The Fund is open to local, national, and overseas entrepreneurs, however all intellectual property created, developed, and commercialised through the funded project must occur in South Australia. Activities that can be undertaken with a SAMFF grant include prototype development, technology feasibility testing, market research, marketing activities, filing provision patent applications, and developing intellectual property strategies. For more information, go to: www.statedevelopment.sa.gov.au/mff