Grants help to hatch bright ideas
Three Australian businesses will receive grants to commercialise new products, processes and services, helping to create more local business opportunities and Australian jobs.
The grants from the Coalition Government’s Incubator Support initiative, worth a total of $867,000, will help incubator programs deliver services to assist Australian businesses to achieve commercial success in overseas markets.
Minister for Industry, Science and Technology Karen Andrews announced a $500,000 grant to create a tech hub in Wagga Wagga; a $247,000 grant for a co-working space that connects entrepreneurs in Western Australia; and $120,000 for a partnership to launch an incubator program on the Sunshine Coast.
“The three projects will receive funding to help local businesses work together, access world-class research and business expertise,” Minister Andrews said.
“The Coalition Government recognises the crucial role incubators and innovative start-ups play in the economy and in creating high-value jobs, contributing to increased productivity and bringing new products and services to market – that’s why we’re backing initiatives like Incubator Support.”
The grant for tech hub Bridge Hub in Wagga Wagga will help Riverina agriculture and food businesses identify, test and commercialise new ideas to create business opportunities and jobs.
The Bridge Hub will also provide a global platform for Australian start-ups, through its close partnerships with Israeli researchers.
Western Australian-based Spacecubed Ventures will use its $247,000 grant to run two programs for 160 start-ups and entrepreneurs in Perth, Port Hedland, Geraldton and Bunbury.
The third successful project for a partnership between Innovation Centre Sunshine Coast and the Sunshine Coast Health Institute will receive a $120,000 grant to establish an incubator program for 10 start-ups in the health, well-being and med-tech sectors.
These grants will add to previous funding awarded to both Spacecubed Ventures and the Innovation Centre Sunshine Coast under the initiative’s expert-in-residence stream, which allowed them to bring in experts to deliver services directly to Australian entrepreneurs.
The $23 million Incubator Support initiative is part of the Australian Government’s Entrepreneurs’ Programme. The supported incubators in turn assist start-ups to develop their skills and connections locally and globally, increasing the chances of successful commercialisation.
Incubators are organisations geared toward speeding up the growth and success of start-ups and early stage companies.
Media contact: Minister Andrews' office 02 6277 7070