Incubator funding helps kick-start new ventures
28 March 2019
Five new incubator projects in the agricultural technology, resources and energy sectors will benefit from $2.2 million in funding from the Liberal National Government.
Minister for Industry, Science and Technology Karen Andrews said the successful grant applicants demonstrated the sort of initiative and imagination that was essential to growing Australia’s economy.
“The Liberal National Government provides this support because we recognise the critical role incubators and start-ups play across the economy in creating new high-value jobs,” Minister Andrews said.
“The Coalition’s $23 million Incubator Support initiative connects entrepreneurs with top-quality research, business advice and talent, which will help them realise their economic potential earlier.
“This is part of the Liberal National Government’s Entrepreneurs’ Programme, which is a key element of our plan that has helped create 1.2 million jobs since coming into Government in 2013 and will help us reach our target of 1.25 million new jobs over the next five years.”
The latest funding offers will assist:
Three projects from New South Wales:
- Australian Computer Society Incorporated’s River City Labs (RCL) Scale-Ups – supporting entrepreneurs to scale businesses globally. This project will engage mid to late stage start-ups at its operation in the technology area of Barangaroo, with the involvement of partners in San Francisco. The focus is on developing business maturity through extensive networks in Australia and abroad.
- Farmers2Founders: Supporting producer-led agriculture and food technology start-ups. This new incubator is designed to help Australian primary producers in developing new agriculture technology/food technology and food ventures. Programs will be mainly delivered in regional locations across a number of states to support commercialisation into international markets.
- Realtechx will provide RealTech Accelerator - Commercial impact for real estate start-ups. This project will offer an integrated 10-week program that includes seed investment, capability development, start-up coaching, industry mentoring, strategic customer introductions and an international linkages tour, finishing with a market plan.
One project from Victoria:
- Australian Centre for Rural Entrepreneurship Limited’s Breakout Accelerator will work out of a new incubator at the Old Beechworth Gaol. It will build an accelerator for 10 start-ups from rural and regional Victoria and southern New South Wales to develop and grow their businesses, and give them access to new domestic and international markets.
One project from Western Australia:
- Core Hub’s Strategic pathways for new enterprise in the resources and energy sector. This project will develop, deliver and scale a series of structured support and growth pathways for start-up businesses in the resources and energy sector in Western Australia and Queensland from 2019-2020.
For more information on the Incubator Support grant recipients go to www.business.gov.au/incubator-recipients
For more information on how to apply for an Incubator Support grant, go to www.business.gov.au/assistance/incubator-support
Media contact: Minister Andrews' office 02 6277 7070