An incubator supporting Australian start-ups and another dedicated to commercialising medical devices produced by start-ups will receive a total of $1 million in funding from the Australian Government to progress their work.
The Assistant Minister for Industry, Innovation and Science, Craig Laundy, announced that Sydney companies Fledge Innovation Labs Pty Ltd and Blackbird Startmate Ops Pty Ltd would each receive $500,000 in grant funding.
The funding was granted under the Incubator Support element of the Government’s Entrepreneurs’ Programme.
Minister Laundy said both companies were helping Australia make its mark as an innovative nation.
“Innovative entrepreneurs are catalysts creating opportunities not only for themselves, but for all Australian business by helping to drive domestic and international competitiveness,” Mr Laundy said.
“Entrepreneurs and start-up founders face two huge challenges: getting products market ready and successfully showing the market potential of their ideas to investors.
“The scientific facilities and expertise of Fledge Innovation Labs and the training and mentor support that will be provided through Startmate will help start-ups overcome these challenges.”
The two Incubator Support grants announced are:
- $500,000 to Fledge Innovation Labs to support the design, development and commercialisation of medical devices by Australian start-ups. Fledge provides facilities and access to network of experienced founders, executives, members and industry leaders.
- $500,000 to Blackbird Startmate Ops to take its start-up services to the national stage. Startmate invests in start-ups and runs programs to help founders improve their business models and attract customers.
More than $4.5 million in funding has now been awarded under the New and Existing Incubator funding component of the programme.
This complements the almost $400,000 grants awarded to 18 companies under the Expert in Residence funding component which provides grants of up to $25,000 for incubators to access expert advisors.
Source: Australian Government