Top 10 Grants for Innovation to watch for in 2024

grants for innovation

In the dynamic and ever-changing landscape of funding and support in Australia, grants for innovation serve as catalysts for new products, community development, and sustainability initiatives. As we step into 2024, the anticipation for new and upcoming funding opportunities for grant-seekers is palpable. As we uncover the top ten funding programs that are either ongoing or upcoming this year, we encourage you to harness the potential of these programs and watch this space for exciting opportunities!

Starting with some upcoming grants for innovation, these initiatives are yet to be released, but are exciting in the world of grants, and certainly are not to be missed if you’re a grant-seeker or creating your 2024 grants calendar.

1. NATIONAL RECONSTRUCTION FUND (NRF) 

  • $15 Billion total allocation; Grant Awards TBD
  • Starting strong with the NRF, this program will provide finance for projects that diversify and transform Australia’s industry and economy. Investments will be made under the seven key priority areas of the fund, including renewables and low emission technologies, medical science, and transport. Current programs released under the fund include the Industry Growth Program, and the Powering the Regions Fund. A total of $15 billion worth of investment over seven years from 2023-24 will be made, so watch this space for upcoming programs.

2.CRITICAL TECHNOLOGIES CHALLENGE PROGRAM

  • $40 million total allocation, Grant Awards TBD
  • This program will drive greater awareness and uptake of quantum technologies in Australia by creating stronger ties between quantum researchers, companies, industry, and other parts of society. Consultations recently closed for this program, with further information about funding to be released in 2024.

3. DRIVING THE NATION

  • $500 million total allocation; Grant Awards for 2024 TBD
  • This program provides funding to enable the demonstration and deployment of new zero-emissions vehicle technologies. The 2023 round was centred round Innovations in EV charging and management of public charging. Details for the 2024 round are yet to be released.

4. RESEARCH DATA INFRASTRUCTURE INITIATIVE

  • $100 million total allocation; Grants Awards up to $2.5 million.
  • This program, running from 2021-22 to 2031-32, will fund the creation or extension of national research data infrastructure, with a focus on data registries, biobanks, and data linkage platforms to support Australian medical research.

5. INTELLIGENCE CHALLENGES GRANT PROGRAM

  • Grant Awards $400,000 – $800,000
  • The Intelligence Challenges grant program falls under the National Intelligence and Security Discovery Research Grants program. Round 4 of the program will commence sometime in 2024, with priority areas including covert collection challenges, space-based challenges, and cyber security and offensive cyber challenges. Program opening and closing dates, as well as specific grant amounts, are yet to be realised.

These following grants for innovation have a multi-year or ongoing deadline, meaning applications are open anytime, with no set deadline. These programs are beneficial to keep in mind when starting your grant-seeking efforts. With no set deadline, you will be able to craft a compelling application with the required attachments, creating a strong submission in the eyes of the funders. So, keep these on your radar!

1. AUSTRALIAN CARBON CREDIT UNIT SCHEME

  • $1.55 billion total allocation; Grant Awards Vary
  • Formerly known as the Emissions Reduction Fund, the ACCU scheme offers landholders, communities, and businesses the opportunity to run projects in Australia that avoid the release of greenhouse gas emissions or remove and sequester carbon from the atmosphere. A wide range of activities are eligible under the scheme through 2 streams, Opportunities for Industry, and Opportunities for the land sector.

2. POWERING THE REGIONS FUND – SAFEGUARD TRANSFORMATION STREAM

  • $600 million total allocation; Grant Awards – $500,000 – $50,000,000
  • This program offers grants to trade-exposed facilities to reduce their emissions and contribute to meeting Australia’s emissions reduction targets. The Powering the Regions Fund is part of the Australian Government’s Powering Australia Plan for Australia to become a renewable energy superpower and reduce our emissions to net zero by 2050.

3. COMMUNITY CHILD CARE FUND

  • $84 million total allocation; Grant Awards to be released first-half of 2024.
  • The Community Child Care Fund provides a range of grants for childcare services. The objective of the CCCF is to support childcare services to address barriers to childcare participation, particularly targeting disadvantaged and vulnerable families and communities. Round 4 of the program is forecasted to be released in the first half of 2024. So, make sure to keep your eyes peeled.

4. INDUSTRY GROWTH PROGRAM

  • $392 million total allocation; Grant Awards $50,000 – $5,000,000
  • Announced earlier this year in the Australian Government’s Federal Budget, the Industry Growth Program will provide advice and matched grant funding for Small to Medium Enterprises (SMEs) and startups, to commercialise their ideas and grow their businesses.
  • Applicants under the program will be matched with an Industry Growth Program Adviser, to provide tailored business advice. Once receiving the tailored advice, applicants may be eligible to apply for grants between $50,000 to $5,000,000

5. REGIONAL PRECINCTS AND PARTNERSHIPS PROGRAM

  • $600 million total Allocation; Grant Awards $500,000 – $50,000,000
  • The Regional Precincts and Partnerships Program (rPPP) seeks to support transformative investment in regional, rural, and remote Australia based on the principles of unifying regional places, growing economies, and serving communities. The rPPP is an always open grants
    process that will provide funding to support both precinct development proposals and the delivery of constructionready precinct projects.

As we conclude our exploration of the top 10 grants for innovation in 2024, it’s evident that the landscape for funding opportunities is rich with possibilities. Those looking at grants and funding should be excited to continue, or even start their grant-seeking journeys into the new year, with Initiatives focused on lowering emissions, building communities and the economy, and boosting Australia’s innovation sector into the new age. These grants not only provide financial support but also serve as catalysts for advancements, pushing the boundaries of what’s possible in the realm of innovation and technology. So, stay inspired, stay innovative, and may your journey in grantseeking lead to remarkable achievements in the ever-evolving landscape of technology and innovation.

For more information on Australia’s other funding investments in the coming years, view our Global Funding Analysis and other global publications at: https://grantsoffice.com.au/global-funding-landscape/