Article provided by: Techwitty
In today's businesses, companies move in an environment of integration, globalization, and technological advances. These three global processes have brought new and more significant challenges to owners: global competition, innovation, and ever-accelerating changes. Also, when competing in new markets, they must deal with different laws, tastes, cultures, and preferences.
That is why to survive and achieve a sustainable business; they have to create new strategies. One of the most significant problems that companies face when trying to penetrate new foreign markets has to do with the budget. Now they have to make greater efforts regarding the marketing, promotion, and commercialization, without neglecting the budgetary assignments for the core business.
That's why the Australian government has developed specific strategies to support those emerging businesses that are trying to make themselves a place in global markets. One of the most significant programs is the Export Market Development Grant.
What is the Export Market Development Grant?
The EMDG is a financial program that provides support to those businesses that currently export or that aspire to do so successfully. It is administered by Austriade and serves a wide variety of industries. One of the outstanding advantages of the program is that it encourages small and medium businesses to access foreign markets since companies’ annual income must not exceed $50 million to apply.
In addition to the thousands of small and medium-sized companies that apply for the grant each year, Austriade works together with a large number of stakeholders including industry associations, including the Export Consultants Association Inc., the Export Council of Australia, the Australian Chamber of Commerce and Industry and the Australian Industry Group.
Advantages of Having the Support of Austriade and the EMDG
The distinct advantage is count with a larger budget to develop marketing activities internationally. Thanks to this impulse, small and medium-sized companies will have these advantages when accessing global markets:
- Greater possibilities of supply and demand, since their fields of action, are broadened.
- Better allocation of available resources.
- Greater competition This allows the pro-competitive effect, promoting the innovation and eliminating inefficiency.
- Better use of economies of scale: they will now have a higher economic arm and will access broader markets.
- Greater research opportunity about the tastes, preferences, and culture of other countries. This helps with the development of new more efficient strategies, as well as the detection of opportunities where the enterprise has competitive advantages.
- Higher economic growth for Australia, which helps the development of the nation, allowing better-operating conditions at the local level. It also promotes new investments.
- Access to competitive tariffs and taxes in those countries that have signed economic cooperation agreements with Australia.
How to Participate in the Export Market Development Grant Program
Applying from the first of July of each year, you can opt for up to 8 grants yearly. These include up to 50% reimbursement of eligible expenses (except the first $5K), up to $150K for each grant. These subventions can include overseas representation expenses, marketing consultant expenses, or overseas buyer expenses, among others.
Are you ready to enter the global market? Allow our team of experts at Techwitty to assist you. We assure you that you will have all our technology and resources experience so that you can access the EMDG benefits successfully. We will support you from the evaluation of your company, the preparation of the application and the rest of the process so that you can count on the support benefits of the Australian Government. Contact Us; We will be happy to assist you.
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