Innovation Incubators Receive Funding Boost
1 June 2017 at 4:50 pm
Australian innovation incubators have received $1.4 million in grants to boost their support for start-ups.
The $1.4m, provided under the Australian government’s $23 million Incubator Support initiative, will go towards establishing new incubators in Brisbane, Sydney and the Hunter region of New South Wales and expand the services of an existing incubator in Adelaide.
These incubators will assist start-ups developing new products and services in advanced manufacturing, media and creative technologies and technology hardware, amongst other sectors.
The four recipients are: Flinders University which will expand the New Ventures Institute to assist innovative advanced manufacturing focused start-ups in Adelaide, Slingshot Accelerator which will support 16 Hunter region start-ups, The Studio Incubator in Sydney which will support new media and creative technology start-ups and The Advance Innovation Hub in Brisbane, which will provide resources to hardware-based start-ups.
Minister for Industry, Innovation and Science Arthur Sinodinos said incubators and accelerators were a vital part of effective innovation ecosystems.
“They provide hands on support to ensure Australia’s start-ups have the best chance at success,” Sinodinos said.
The $23 million Incubator Support initiative, announced in the 2017 budget, is part of the Entrepreneurs Programme and contributes to the Australian government’s National Innovation and Science Agenda.
“The government remains committed to the initiative, which is designed to assist new and existing incubators to improve the prospects of Australian start-ups for achieving commercial success in international markets,” Sinodinos said.