Securing IMCRC Government Funding in $4.6M project: The Power of a Strategic Grant Application
Problem
Company Overview: An innovative start-up company in the construction technology sector, faced significant challenges in commercialising their ground-breaking technology. The primary issues included:
1. Funding Shortfall: Developing advanced technology required substantial investment, which the company lacked.
2. Market Penetration: The innovative technology needed further development to meet market demands and achieve commercial success.
3. Operational Risks: High manufacturing costs and limited resources for research and development posed operational risks and hindered growth.
Solutions
Strategic Grant Application: Stoke Consulting was engaged to craft a compelling grant application for the Innovative Manufacturing Cooperative Research Centre (IMCRC). The following strategies were employed:
1. Comprehensive Project Plan:
- A detailed project plan was developed, highlighting the problem, proposed solutions, and expected manufacturing outcomes.
- The plan emphasised the innovative aspects of the technology, its potential to transform industry practices, and the significant benefits to Australian manufacturing.
2. Collaborative Effort:
- The application showcased strong collaboration with Queensland University of Technology (QUT), leveraging their expertise in robotics, data mining, and battery development.
3. Clear Milestones and Deliverables:
- Specific milestones and deliverables were outlined to demonstrate the project’s feasibility and the structured approach to achieving the desired outcomes.
- The plan included phases for reducing manufacturing costs, developing autonomous crane control systems, and creating scalable solutions for larger loads.
Outcomes
Successful Funding: The grant application was successful, securing funding from IMCRC and others for a project value of $4.6M. This funding enabled the following outcomes for Stoke Consulting’s client:
1. Enhanced Manufacturing Capabilities:
- The project aimed to reduce manufacturing costs for existing products by 50%, improving efficiency and scalability.
- Advanced robotic and automation technologies were integrated to optimise production processes.
2. Innovative Product Development:
- The development of higher capacity and modular solutions allowed the company to meet diverse market demands.
- Creating autonomous and semi-autonomous crane operations, and enhancing safety and productivity was the project’s focus.
3. Market Expansion:
- The project facilitated the creation of high-technology export markets, promoting Australian innovation globally.
- Collaboration with the QUT ensured the development of advanced control systems and data utilisation techniques, positioning Stoke Consulting’s client as a leader in the industry.
4. Product Development and International Expansion:
- Since receiving the funding, the business has successfully developed and commercialised innovative products that are now in demand both locally and internationally.
- The company has expanded its market presence internationally, with strong interest and sales in Europe, North America, and Asia, demonstrating the global applicability and success of their technology.
Conclusion: This case study highlights Stoke Consulting’s expertise in writing successful grant applications and driving strategic projects. The IMCRC grant secured through a well-crafted application, enabled Stoke Consulting’s client to advance its’ technology, reduce operational risks and achieve significant market penetration. The project’s success underscores the value of strategic planning and collaboration in securing funding and achieving business goals.
Do you need help in writing a compelling government grant application for your business? Stoke Consulting can assist. Contact us today.
Stoke Consulting
Chris Read
Leveraging his extensive leadership and entrepreneurial background, Chris consistently leads high-performing teams of leaders to outstanding business achievements. He excels in unravelling the intricacies of challenging business scenarios, crafting strategic plans and business cases while fostering deep trust including during executive coaching. This comprehensive and high integrity approach significantly elevates business performance for his clients, helping them to exceed expectations. Chris’ experience includes successfully leading multiple $1B+pa businesses with full P&L responsibility across nine countries and 800 reports to starting, building and selling his own e-commerce business, all the while building high performing teams of leaders.
