The applications for the Business Research and Innovative Initiative (BRII) are open now.
The federal government has committed $10 million for funding of regtech companies creating innovative solutions to the key challenges. In the recent round of the Business Research and Innovation Initiative (BRII), the Australian startups and SMEs may submit proposals for solutions addressing one of the four issues.

To be eligible for the funding, the businesses must have had an annual turnover of less than $20 million for the past three financial years.

Our bookkeeping services provider can assist you to grab more information.

Following are the four BRII regulatory challenges:

  1. Usage of technology for a streamlined way to marine autonomous systems assurance

The Australian Institute of Marine Science (AIMS) is seeking a standard approach to gathering test and evaluation evidence. The solution will ensure new marine robotics and autonomous systems with artificial intelligence (RAS-AI) and handle influence to trusted autonomy with future engineering changes to RAS-AI systems.

  1. Usage of technology to assist analyze and assess potential poor disclosure by Companies listed

 The Australian Securities and Investment Commission (ASIC) is seeking an innovative technology solution to check market announcements by such listed companies. The solution will assist to identify and assess poor market disclosure.

  1. Usage of technology for remote and automated monitoring of export livestock health and welfare

 This innovative solution must use automated technology. The Department of Agriculture, Water, and the Environment (DAWE) is looking for more new solutions to enhance the monitoring and reporting of livestock health and welfare at crucial points in the export supply chain.

  1. Usage of technology for real-time and accurate asbestos testing

 The Asbestos Safety and Eradication Agency (ASEA) is looking for new and innovative technology solutions that can be used to efficiently test building materials that involve asbestos on site. Such a solution must be non-destructive and must meet the regulatory requirements. The successful applicants will get up to $100,000 to develop and test the feasibility of their idea over three months.
To date, the BRII program has given 73 grants that are in total more than $20 million in funding to accelerate the growing businesses of SME and start-up companies.
The successful applicants will be eligible for grants of up to $100,000 for developing their ideas and test feasibility over three months.
If such tests have been successful after three-month timeframe ends, such entities will be able to apply for an additional grant of up to $1 million for the development of a prototype or a proof of concept over the maximum of 15 months.
For the development and feasibility study phase, a total of $2 million in grant funding is available. A total sum of $8 million is available for the proof-of-concept stage.
In 2016, BRII was first launched as a part of the National Innovation and Science Agenda. The BRII analyzes the government nominate challenges and invite small businesses and startups to pitch solutions for grant funding.
The intention behind this is to stimulate innovation in government agencies, enhance Australian business efficiencies, and boost confidence amongst the SMEs while working for the government.

Our small business accountants can check your eligibility status for the grant. 

During stage 1 of BRII, five challenges are published. Such challenges were recommended by Innovation and Science Australia and then got approved by the Minister.
Those challenges proposed in the 2019 funding round were-
As proposed by the Department of Human Services, fast and secure digital identity verification for people experiencing domestic violence.
As proposed by Austrade, intelligent data to transform tourism service delivery.
It was proposed by Digital Transformation Agency to uplift the government capability to assist deliver world-leading digital services.
It was proposed by the Department of Agriculture and Water Resources to manage risks of hitchhiking pests and contaminants on shipping containers.
The applications for the grant funding are open now till June 3, 2021.

Take our assistance
Reliable Bookkeeping Services ensure to provide you complete assistance from bank reconciliation to availing maximum grant funding for your businesses.
Contact us now for your queries!