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Building better innovation incubators to grow new startups

11 March 2016

Innovation ecosystem stakeholders, including business incubators and accelerators, are invited to have their say on measures to grow Australia’s next generation of innovative and high-performing businesses.

Minister for Industry, Innovation and Science Christopher Pyne and Assistant Minister for Innovation Wyatt Roy today encouraged feedback on the design of the Australian Government’s $8 million Incubator Support initiative.

The initiative will be delivered from mid-2016 as a new element of the Entrepreneurs' Programme under the National Innovation and Science Agenda.

“Incubators are a vital part of any effective innovation ecosystem, helping high potential startups realise their economic potential and global ambitions,” Mr Pyne said.

“They provide startups with vital mentoring support and access to additional capital and networks to help them develop and commercialise their ideas.

“Incubator Support will strengthen and broaden Australia’s network of incubators, catalysing new economic activity and regional jobs.”

Mr Roy said there were already more than 30 successful incubators and accelerators in Australia, which have helped hundreds of innovative businesses, get off the ground.

“Incubator Support will help establish new incubators in regions or industry sectors with high innovation potential, as well as expanding the services offered by existing incubators,” Mr Roy said.

“A new experts-in-residence component will see researchers and technical experts seconded to incubators, providing advice and expertise to startups.”

Mr Pyne said the government was seeking feedback from state and territory governments, existing incubators and accelerators and universities to ensure lessons learned from existing business support programmes were incorporated into the new initiative’s guidelines.

“It’s important to ensure we’re supporting the right mix of activities and infrastructure to benefit startups and complement activities undertaken by other jurisdictions,” Mr Pyne said.

An Incubator Support discussion paper is available at www.business.gov.au/incubator-support. Written feedback can be submitted to ISPConsult@industry.gov.au.

More information about the Incubator Support initiative and the National Innovation and Science Agenda is available at www.innovation.gov.au.

Media contact: Mr Pyne's office 02 6277 7070, pynemedia@industry.gov.au
Mr Roy's office 02 6277 4646
Department media: media@industry.gov.au