Technology Adoption and Innovation Program (2023)

Program Overview

The $6.1 million Technology Adoption and Innovation Program aims to provide support to eligible Victorian small to medium size enterprises (SMEs) to on-board innovative technologies or develop innovative, new and commercial technology by co-contributingfunding support for projects.

Frequently asked questions (FAQs)

Read the full list of FAQs.

Applications closed on 19 April 2021.

Program details

The program contains two streams of financial assistance:

Stream 1 – SME technology and digital adoption

Grants of up to $50,000 for Victorian SMEs to adopt technology or digital solutions to improve their processes and productivity and support their future growth.

Stream 2 – Innovative, commercial technology development

Grants of up to $50,000 for Victorian technology companies to implement defined projects to develop commercial technology or digital products.

The indicative key dates for this scheme are:

  • Applications open: 31 March 2021
  • Applications close: 19 April 2021
  • Program reporting: 4 months, 8 months, 12 months
  • Program end: 30 June 2022

Under both Streams each successful SME will be required to contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure.

Both Streams will provide grants on a 1:1 co-fund basis between the company and government respectively.

Who can apply for a grant?

The program is open to SMEs that are on a growth trajectory.

These eligible SMEs can be a company, a trust structure or a partnership.

(Video) A Secret to Technology Adoption | Reham Elmasry | TEDxMSAUniversity

The following are not eligible to apply:

  • Commonwealth, state and local government agencies or bodies
  • publicly funded research institutions
  • industry associations or business chambers
  • not-for-profit organisations
  • community-based organisations.

Eligibility criteria

Eligible SMEs must meet the following criteria to be eligible for assistance under the program:

  • be an eligible legal entity
  • operate a business located within Victoria; and
  • hold an Australian Business Number (ABN) and have held that ABN at 1 September 2020; and
  • be registered for Goods and Services Tax (GST) on 1 September 2020; and
  • employ at least 5 FTE (full-time equivalent) staff at 1 September 2020 (preference will be given to Applicants that employ less than 200
  • people); and
  • attest that they:
    • can contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure and match any grant funding on a 1:1 fund basis; and
    • have met all industrial relations obligations as an employer in accordance with the National Employment Standards; and
    • will participate in future program evaluation activity; and
  • if applying for Stream 2 funding, demonstrate that its main business model applies to the provision of technology products or services; and
  • only apply for funding under either Stream 1 or Stream 2, not both.

An Incorporated Trustee can apply on behalf of a Trust provided that the Trustee will remain sufficiently liable for the performance of any agreement it signs.

The individual partners may apply on behalf of a Partnership provided that the Partners will remain sufficiently liable for the performance of any agreement they sign.

An applicant is only eligible for one grant under the Program.

Funds from other State or Commonwealth Government programs cannot form part of the co-contribution.

How much are the grants from this program?

Grants provided through the program range between a minimum $20,000 and a maximum $50,000.

Grants will be provided on a co-contribution basis at a ratio of 1:1 for applicant cash contributions and government funding.

Under both Streams each successful SME will be required to contribute a minimum of $20,000 (GST exclusive) towards eligible project expenditure.

(Video) Technology Adoption for Process Efficiency

If applying for Stream 2 funding, the SME must also demonstrate that its main business model applies to the provision of technology products or services.

What can the grants be used for?

The two objectives of theTechnology Adoption and Innovation Program are to:

  • enable Victorian SMEs to invest in their business to implement new digital and innovative technologies that will improve their business productivity and competitiveness. This may include adopting new technologies and solutions such as ecommerce, artificial intelligence, data analytics, cyber security, Internet of Things or robotics in their business practices and operations; enabling them to contribute to Victoria’s economic recovery.
  • support Victorian SMEs involved in technology development to further develop innovative, new, and commercial technology products and services, enabling them to contribute to Victoria’s economic recovery.

Eligible project expenditure must be project-related non-capital expenditure required to deliver the project and the project-related costs (including service providers).

Applicants will need to meet the cost of additional and ineligible expenditure that are outside the scope of the Grant Project.

Applying Victorian companies must be investing in their business operations to help meet the above program objectives.

Applicants will be asked in their application to make a case for how the project will support the program's objectives and show how the use of the grant funds will facilitate the project’s outcomes.

Expenditure should not include activities or projects already supported by government funding.

Funds from other State or Commonwealth Government programs cannot form part of the co-contribution.

How to apply

Applications closed on 19April 2021.

(Video) Diffusion of Innovation Theory: The Adoption Curve

Documentation or evidence required with an application

Applicants must provide all of the following:

  • a current project plan
  • a project budget
  • any relevant quotes or scopes of services for preferred Service Provider(s).

Applicants must provide evidence which demonstrates, to the satisfaction of the Department, that the Applicant has sufficient funds available for the required co-contribution amount for the project. This may include evidence of:

  • written confirmation from the Board or business owner that the business can undertake the project and meet the required co-contribution amount, or
  • an approved loan facility (including loan amount), or
  • sufficient cash in a bank (current bank statement), or
  • management accounts demonstrating satisfactory cash flow or liquid assets.

Applicants will be required to submit a project plan as part of their application, which includes at a minimum:

  • project description
  • preferred service provider(s), where applicable
  • overview of the implementation timeline
  • evidence of sufficient internal resources to allocate to the project
  • budget summary (detailing how grant funds and the Applicant’s contribution will be spent on eligible project expenditure).
  • quotations and, if relevant, Scopes of Services for any proposed third-party service providers and/or suppliers.

The Department of Jobs, Precincts and Regions (the Department) reserves the right to withdraw the offer of grant funding if applicants have not returned the signed grant agreement two weeks from the date it is sent by the department by email.

Projects are to commence within one month of the execution of the grant agreement by the department and are expected to be completed within twelve months.

Assessing your application

Eligible applications within both Streams of funding will be assessed on how well they meet the assessment criteria. All supplementary attachments and information provided as part of the application will be taken into consideration during the assessment process.

Companies seeking support for technology development will have up to 12 months to deliver and complete their project.

Applications will be assessed by a panel. The panel will:

  • review and score applications individually against the assessment criteria
  • rank all projects against each other
  • determine the number of applications that will be recommended subject to funding being available
  • recommend the applications for approval.

We will endeavour to process and notify applicants of the outcome of their application within one month of the program close date.

(Video) Crossing The Chasm - Disruptive Innovation - Technology Adoption Life Cycle

More information

Please refer to the frequently asked questions (FAQs) for any questions you may have about this program.

For further assistance please contact us or call the Business Victoria hotline on 13 22 15.

Frequently asked questions (FAQs)

Read the full list of FAQs.

(Video) Technology Adoption Life Cycle

FAQs

What is the importance of technology adoption? ›

Adopting new technologies allows businesses to offer what no one is offering, boost revenue streams while providing value to customers. It also presents them as innovators and risk-takers in front of their customers and investors, opening new doors to a wider market and more investment.

What are the challenges you face in adopting new technology? ›

Utilizing New Technology – Common Problems and Challenges
  • Adopting new tech just because it's new. ...
  • Not implementing the right systems and procedures. ...
  • Failing to win staff over to the new technology. ...
  • Not training staff adequately in the utilization of the new technology. ...
  • Not monitoring the data.

What do you understand by technology adoption explain? ›

Technology adoption refers to the process of accepting, integrating, and using new technology in society. The process follows several stages, usually categorized by the groups of people who use that technology. For instance: Innovators represent the very first developers of a technology.

How can we improve technology adoption? ›

5 tips to improve user adoption
  1. Start with the end in mind. When you begin a project with a clear vision of your end goal, you're less likely to get sidetracked or fall prey to common pitfalls. ...
  2. Make it easy to use. ...
  3. Demonstrate the benefits. ...
  4. Leverage data to show impact. ...
  5. Make the technology essential.
5 Aug 2021

What are the benefits of adopting new technology? ›

Advantages of new technology include:
  • easier, faster and more effective communication.
  • better, more efficient manufacturing techniques.
  • less wastage.
  • more efficient stock management and ordering systems.
  • the ability to develop new, innovative approaches.
  • more effective marketing and promotion.
  • new sales avenues.

Why is it important to adopt the latest trends of technology answer? ›

Adopting new technology is essential for organizations focusing on faster deliveries, reduced spending, and enhanced user experience. It has become highly essential as the COVID-19 pandemic has forced them to reconsider their strategies.

How can you overcome issues in technological innovation? ›

  1. 5 Tactics To Overcome The Challenges And Enable Innovation. ...
  2. Illustrate how data security, data quality, and data integrity are designed into the solution. ...
  3. Use collaboration as a fulcrum. ...
  4. Focus on risk management and change management. ...
  5. Invest in cross-disciplinary staff development. ...
  6. Lead by example and action.
15 Aug 2019

How can we overcome technology challenges? ›

Here's what they suggest:
  1. Step 1: Innovate with the Tools You Already Have. ...
  2. Step 2: Seek Out Free, Easy-to-Use Digital Resources. ...
  3. Step 3: Overcome Your Fear of the Unknown. ...
  4. Step 4: Start with Small, Fast Projects That Enhance Learning. ...
  5. Step 5: Learn with Your Students.
6 Aug 2008

What are the three main challenges facing technology today? ›

Technology Sector's Top 5 Challenges in 2022
  • What are the Challenges Faced by the Technology Industry Today? In many ways, the technology industry is experiencing a fantastic range of new opportunities. ...
  • Widening Skill Gaps. ...
  • Business Continuity.
13 Jan 2022

What is technology adoption explain five step approach? ›

The Technology Adoption Lifecycle (or the Technology Adoption Curve) is a sociological model that describes the adoption or acceptance of a new innovation by certain defined adopter groups - Innovators, early adopters, early majority, late majority, and laggards.

How is technology adoption measured? ›

Here are four steps for assessing if you're on the right track to achieving digital adoption.
  1. Step 1: Identify your baseline. ...
  2. Step 2: Ensure all users understand the goals for the software. ...
  3. Step 3: Use quantitative and qualitative assessments. ...
  4. Step 4: Engage with a software solution that measures for you.
30 Dec 2021

Why does the adoption of new technology tend to increase supply? ›

New technology allows firms to produce at a lower cost. As a result, as firms adopt a new technology, their cost curves shift downward. Market supply increases, and the market supply curve shifts rightward.

How do you successfully implement new technology? ›

Here are five steps to successfully implementing new technology in the workplace: Investigate technologies that will solve problems for your company. Assemble an implementation team to champion the new technology once you've chosen it. Implement the technology through a pilot program to work out kinks and gain buy-in.

How do you adapt to new technology? ›

This article will outline eight proven strategies to help employees adapt to new technology in the workplace.:
  1. Ask employees for their input. ...
  2. Communicate the benefits. ...
  3. Recruit tech-savvy volunteers. ...
  4. Provide adequate training. ...
  5. Use guided learning. ...
  6. Let employees learn on their own. ...
  7. Give employees a reason to use it.
18 Apr 2022

How do you promote adoption? ›

Look for opportunities to promote adoption awareness through face-to-face conversations, online forums and chats, and even formal speaking engagements. If you are especially passionate about sharing your story and advice for other families pursuing adoption, you could even consider starting your own adoption blog.

What are the benefits of using technology for teaching and learning? ›

Benefits of Technology in the Classroom
  • Provides A More Engaged Learning Environment. ...
  • Prepares Students for the Future. ...
  • Connects Better with Students. ...
  • Boosts Collaboration. ...
  • Supports Learning. ...
  • Gamified Learning. ...
  • Virtual Field Trips. ...
  • Create Student Websites.
29 Oct 2021

What is the purpose of technology? ›

The purpose of technology is to drive, enable and influence: Growth and innovation. Collaboration and engagement across stakeholders.

What is importance of technology? ›

We use technology at work, we use it to , extract materials. We use technology in the communication, transportation, learning, manufacturing, creating artifacts, securing data, scaling businesses. Technology is human knowledge which involves tools, materials and systems.

How important is adapting to technology in this modern competitive world of business? ›

Adopting new technology gives company executives the competitive advantage. This is true not only on a personal and professional level, but also for their company as a whole. An executive who can effectively learn and use the latest advancement in technology gives him or herself an edge over other executives.

How quickly do you adapt to new technology interview questions? ›

Your answer

You can answer this question in this way like," I can adapt quickly to new circumstances and I am always mentally prepared to take up challenges. I feel I have the capacity to learn fast and apply my knowledge.

How do you stay informed about the latest technology? ›

Online Media. One of the simplest ways to stay informed about technology is to read about it, and to simplify this even further, you can use an app like Feedly or Flipboard. These sites combine multiple publications into one easy-to-read format.

What are the effects and impact of using modern technology in learning? ›

Technology creates a more engaging learning environment. It improves collaboration and incorporates different learning styles. It also boosts motivation and allows students to self-pace.

What is the most important new technology for solving world problems? ›

What Is The Most Important New Technology For Solving World Problems? Artificial intelligence, big data, the internet of things and blockchain play a major role in solving global issues.

How do you overcome challenges in online learning? ›

5 Ways to Overcome the Challenges of Virtual Learning
  1. Create a Schedule and Stick to It. ...
  2. Find a Productive Workplace. ...
  3. Minimize the Technical Issues. ...
  4. Join Virtual Learning Communities. ...
  5. Make Use of Communication Platforms. ...
  6. Virtual Learning Doesn't Have to be Difficult.

What are some technological solutions? ›

8 Technology Solutions to Help Expand Your Business
  • Cybersecurity Tools and Services. ...
  • Mobile Technologies. ...
  • Cloud Storage Solutions. ...
  • Collaboration and Project Management Apps. ...
  • Digital Marketing Tools. ...
  • Customer Relationship Management Technologies. ...
  • Web-Based Payments. ...
  • Technological Outsourcing.
2 Nov 2021

What are the positive and negative effects of technology? ›

Positive effects of Technology. Less expense, better efficiency, communication channels, increase in networks, etc. Negative effects of Technology. Social isolation, job loss, adverse health effects, scams, etc.

What problems does technology cause? ›

Eight Negative Impacts of Technology
  • Depression and Other Mental Health Issues. A University of Michigan study found that Facebook use led to a decrease in happiness and overall life satisfaction. ...
  • Lack of Sleep. ...
  • ADHD. ...
  • Obesity. ...
  • Learning Barriers. ...
  • Decreased Communication and Intimacy. ...
  • Cyberbullying. ...
  • Loss of Privacy.
22 Jul 2019

How would you describe your relationship with technology? ›

In my opinion, the use of technology has both positive and negative consequences. For example, the use of computers and the internet has made my life much easier. It is very easy to communicate with other people using a computer. In addition, classes can be taken on the internet right from the comfort of my own home.

When can we apply process innovation? ›

Process innovation happens when an organization solves an existing problem or performs an existing business process in a radically different way that generates something highly beneficial to those who perform the process, those who rely on the process or both.

What is the role of technology in development? ›

Technology can save the time it takes to produce a good or deliver a service, contributing to the overall profits of a business. Technology can contribute to the efficiency of a business's output rate, allowing for larger quantities of products to be moved or of services to be rendered.

How do you monitor successful customer adoption? ›

12 product adoption metrics you should be measuring
  1. Conversion rate. ...
  2. Adoption rate. ...
  3. Time to value (time to adopt) ...
  4. Activation rate. ...
  5. Usage frequency. ...
  6. Churn rate. ...
  7. Customer Lifetime Value (CLTV) ...
  8. Average session duration.

What is the fastest adopted technology? ›

On its current trajectory, 5G is set to become the fastest adopted network technology ever, according to a new report from Swedish telecoms giant Ericsson.

What are the reasons for technology adoption? ›

Here are five reasons that the Covid-19 pandemic is actually the best time to adopt new technology.
  • New Technology Increases Efficiency. It's true that technology adoption comes with a cost. ...
  • Lower Current Workload. ...
  • Remote Work Challenges. ...
  • Technology Differentiates. ...
  • Technology Positions for Future Growth.
9 Sept 2020

What are the factors that enhance adoption of technology? ›

The model proposes four main factors influencing adoption and use of information technology such as performance expectancy, effort expectancy, social influence and facilitating conditions.

What is the impact of technology on for example demand? ›

Effect of Technology on Demand

Changes in technology can affect the demand for different products or the demand for related products. It can increase the market for a product by increasing the demand for a new product and making an older product obsolete.

What is importance of technology? ›

We use technology at work, we use it to , extract materials. We use technology in the communication, transportation, learning, manufacturing, creating artifacts, securing data, scaling businesses. Technology is human knowledge which involves tools, materials and systems.

What is technology adoption explain five step approach? ›

The Technology Adoption Lifecycle (or the Technology Adoption Curve) is a sociological model that describes the adoption or acceptance of a new innovation by certain defined adopter groups - Innovators, early adopters, early majority, late majority, and laggards.

How do you adapt to new technology? ›

This article will outline eight proven strategies to help employees adapt to new technology in the workplace.:
  1. Ask employees for their input. ...
  2. Communicate the benefits. ...
  3. Recruit tech-savvy volunteers. ...
  4. Provide adequate training. ...
  5. Use guided learning. ...
  6. Let employees learn on their own. ...
  7. Give employees a reason to use it.
18 Apr 2022

Why does the adoption of new technology tend to increase supply? ›

New technology allows firms to produce at a lower cost. As a result, as firms adopt a new technology, their cost curves shift downward. Market supply increases, and the market supply curve shifts rightward.

How has technology improved our lives? ›

Modern technology has paved the way for multi-functional devices like the smartwatch and the smartphone. Computers are increasingly faster, more portable, and higher-powered than ever before. With all of these revolutions, technology has also made our lives easier, faster, better, and more fun.

What is the importance of technology as a student? ›

Technology provides students with access to countless online resources, encouraging them to carry out research and therefore become more independent. It also simplifies learning by making concepts more digestible, for example through an instructional video.

When can we apply process innovation? ›

Process innovation happens when an organization solves an existing problem or performs an existing business process in a radically different way that generates something highly beneficial to those who perform the process, those who rely on the process or both.

How is technology adoption measured? ›

Here are four steps for assessing if you're on the right track to achieving digital adoption.
  1. Step 1: Identify your baseline. ...
  2. Step 2: Ensure all users understand the goals for the software. ...
  3. Step 3: Use quantitative and qualitative assessments. ...
  4. Step 4: Engage with a software solution that measures for you.
30 Dec 2021

What is the role of technology in development? ›

Technology can save the time it takes to produce a good or deliver a service, contributing to the overall profits of a business. Technology can contribute to the efficiency of a business's output rate, allowing for larger quantities of products to be moved or of services to be rendered.

How do you answer how quickly do you adapt to new technology? ›

You can answer this question in this way like," I can adapt quickly to new circumstances and I am always mentally prepared to take up challenges. I feel I have the capacity to learn fast and apply my knowledge.

How do you learn new technologies interview question? ›

Important Points to Remember:-

Explain to the interviewer, how you usually adapt to new technologies. Give previous examples where you worked and learned new techniques and how you were working effectively using them. Discuss the steps you follow in learning a new technologies or anything in general.

How would you convince a team to adopt a new technology? ›

5 Ways to Convince Skeptical Employees to Adopt New Technology
  1. Set the vision. Make sure this your vision is compelling and something employees can rally around. ...
  2. Empathize with them. ...
  3. Identify a champion. ...
  4. Highlight quick wins. ...
  5. Offer incentives.

What is the impact of technology on for example demand? ›

Effect of Technology on Demand

Changes in technology can affect the demand for different products or the demand for related products. It can increase the market for a product by increasing the demand for a new product and making an older product obsolete.

How does new technology generally affect production? ›

How does new technology generally affect production? It lowers cost and increases supply.

How does improvement in technology affect supply and demand? ›

Technology leads to an increase in the efficiency of the production process which results in the shifting of the supply curve to the right. With decreasing cost of production more and more customers will be demanding the product.

Videos

1. How to Create a Technology Adoption Plan and Why It's Important
(Omega Computer Services)
2. AUPSE 2018: Accelerating Technology Adoption, Innovation, and Investment
(EEI International)
3. Digital Technology Adoption Program Final Report
(GPRC's Centre for Research & Innovation (CRI))
4. Panel Discussion on New Technology Adoption in Retail
(ETRetail)
5. The Real Problem? Widespread Technology Adoption
(Producers Guild of America)
6. Technology & Innovation Adoption - Part 1
(DSM Tech Services)
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