Four Australian innovation incubators will boost the services they offer start-ups with $1.4 million in grants provided under the Australian Government’s $23 million Incubator Support initiative.
Incubators and accelerators are a vital part of effective innovation ecosystems. They provide hands on support to ensure Australia’s start-ups have the best chance at success.
I’m delighted to announce this funding, which will help establish new incubators in Brisbane, Sydney and the Hunter Region of New South Wales and expand the services of an existing incubator in Adelaide.
These incubators will assist start-ups developing new products and services in advanced manufacturing, media and creative technologies and technology hardware, amongst other sectors.
The four grants are:
- $196,265 for Flinders University to expand the New Ventures Institute to assist innovative advanced manufacturing focused start-ups in Adelaide.
- $474,535 for Slingshot Accelerator, in collaboration with the University of Newcastle, to establish the I2N Regional Accelerator that will identify, invest in and support up to 16 Hunter Region start-ups and assist potential entrepreneurs at the ideas stage.
- $500,000 for The Studio Incubator in Sydney, which will foster and support new media and creative technology start-ups through accelerator programs, education, networks and mentoring, links to private equity and capital, and access to studio facilities and other technology.
- $268,674 for The Advance Innovation Hub in Brisbane, which will provide hardware-based start-ups with resources, technical knowledge and access to innovative prototyping and manufacturing equipment and industry specialists.
These grants follow the announcement of $500,000 for the Darwin Innovation Hub, also provided under the Incubator Support initiative.
The Government remains committed to the initiative, which is designed to assist new and existing incubators to improve the prospects of Australian start-ups for achieving commercial success in international markets.
As announced in the 2017 Budget, the Incubator Support initiative will have an additional focus to ensure it reflects the importance the Australian Government places on regional development.
The $23 million Incubator Support initiative is part of the Entrepreneurs Programme and contributes to the continued implementation of the Australian Government’s National Innovation and Science Agenda.
Source: Minister for Industry, Innovation and Science Arthur Sinodinos