Investment NSW will advise successful and unsuccessful applicants for an offer of TechVoucher within four weeks of receipt of a complete application (subject to demand).
Successful applicants may be required to keep the funding confidential for a period of time if an announcement will be made by the NSW Government.
Projects may be referred to other funding programs in NSW Government for consideration.
Successful applicants will be required to enter a Funding Agreement with Investment NSW, which must be accepted and signed within ten business days from the date of notification. Failure to meet the deadline may result in the offer being withdrawn.
TechVouchers will be paid by Investment NSW to the applicant in two separate milestones:
Release first tranche of funding on receipt of R&D contract between the business and the PFRO, and evidence that the business has paid the PFRO invoice for agreed services, with the TechVoucher funding amount not to exceed 50 per cent of the paid invoice
Release second tranche of remaining TechVoucher funding amount on receipt of end-of-project report and evidence that the business has paid the PFRO invoice for agreed services.
As part of their obligations under the Funding Agreement, successful applicants must:
- submit reports (mid-term, end of project and 6-month post-project), which will include progress against the intended use of funds, following receipt of the funding to Investment NSW as outlined in the Funding Agreement. The end of project report must also include a Financial Acquittal Report containing the detailed financial statement of the application of the TechVoucher; a definitive statement as to completeness and accuracy of financial accounts; and the balance of any unspent TechVoucher.
- pay back unspent funds delivered, or funds which have not been spent in accordance with the Funding Agreement
- comply with a requirement that the applicant has and can provide a copy of all relevant insurances, such as public liability insurance or other insurance depending on the application
- participate in a program evaluation after the project has concluded to determine the extent to which their projects have contributed to the objectives of the program. The evaluation will require applicants to provide evidence of how projects have resulted in measurable benefits that are consistent with the objectives of the program.
- agree that any information submitted by recipients may be used for material prepared by the NSW Government.
Requests for variations or changes to the TechVoucher will be considered in limited circumstances and when Investment NSW is satisfied that the circumstances present no probity concerns that invalidate the assumptions that underpinned the application and its assessment. Changes or variations may be rejected or accepted at Investment NSW’s sole discretion and may be subject to certain conditions.
Failure to meet the above conditions and obligations may result in funding withdrawal, suspension or demand for funds to be paid back to Investment NSW.