Federal Government provides $1.57 million in incubator support - TechInvest Magazine Online

The Australian Government has provided a total of $1.57 million to four more innovation incubators to assist the start-ups enter global markets like Asia and the US.

“The grants are offered under the Australian Government’s Incubator Support Program, which is designed to assist new and existing incubators to improve the commercial prospects of Australian start-ups in international markets,” the Assistant Minister for Industry, Innovation and Science, Craig Laundy said.

The four Incubator Support grants announced today are:

• $500,000 for Flinders University’s New Venture Institute, to establish the eNVIsion Limestone Coast incubator at Mount Gambier, South Australia. This regional incubator will deliver localised acceleration and innovation programs, workshops and international study tours to help start-ups in the region develop their competitiveness in exportmarkets.
• $500,000 for Blue Chilli Technology to expand the SheStarts Global Growth Accelerator, which helps later-stage, female-led companies develop skills for scaling their businesses and establishing distribution channels in the US and Asia.
• $500,000 for Collective Campus to broaden its Corporate Accelerator programs, which provide start-ups from a variety of sectors with guidance, education, access to co-working spaces, networks and funding to facilitate growth.
• $73 000 for FD Global Connections, partnering with Tyro Payments Limited, to deliver their “USA Accelerate Program”—a targeted incubator program to help Australian start-ups break into the lucrative US market via NewYork.

Incubators and accelerators are a vital part of effective innovation ecosystems, providing hands-on support to Australian start-ups so they have the best chance at global success.

“Over $2 million in funding has already been awarded under the Incubator Support initiative, reflecting the government’s commitment to this initiative,” Mr Laundy said,

“I’m very pleased that four more incubators will be supported to help more Australian start-ups to be internationally successful and to contribute to the Australian economy.”

The Assistant Minister said that inn addition to supporting incubators in capital cities and metropolitan areas, the initiative is helping to improve the capabilities of regional incubators and accelerators, who can in turn provide more support for local businesses. This reflects the importance the Australian Government places on regional development.

“The 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,” Mr Laundy added.