Home Government Tech Policy New businesses share in $1.79m of govt incubator support

New businesses share in $1.79m of govt incubator support

The Australian Government has announced new funding totalling $1.79 million to be allocated to new businesses to help transform their ideas into globally competitive businesses.

The funding announced this week — as part of the Federal Government’s incubator support element of its Entrepreneurs Programme — will be provided to four innovative incubators to boost new businesses in key sectors like biotechnology, medtech and advanced materials.

Businesses to share in the funding are:

  • Petri BioIncubate will receive $284,500 to help launch biotech start-ups into international markets through structured mentoring and networking with investors.
  • Australia China Technology Incubator will dollar-match their $500,000 Incubator Support grant to accelerate over 60 medtech start-ups into China's burgeoning healthcare market.
  • SBE Australia will receive $500,000 to support female start-up founders to sustainably grow and scale their businesses, with specific emphasis on capital raising and international expansion.
  • Innovyz Institute will receive a $500,000 grant to help the incubator to identify and select advanced materials innovations and researchers from Australian universities and research organisations to take part in a structured   entrepreneurship and commercialisation training programme.

Jobs and Innovation Minister Michaelia Cash said that Australia needed a strong pipeline of dynamic start-ups and innovative entrepreneurs to create jobs and drive economic growth.

“Incubators are key to ensuring our start-ups can get off the ground by helping them break their products into new markets and secure investment," she said.

“With these new grants we have invested over $6.29 million in new and existing incubators since the start of the Incubator Support initiative in September 2016.

“Innovation incubators are helping to build the skills, knowledge, confidence and networks of Australian entrepreneurs, founders and researchers, ensuring they have the best chance of international success, and putting Australia on the map as an innovation nation.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).