Monday, 22 October 2018 07:37

Govt funds three tech businesses to develop new products

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Govt funds three tech businesses to develop new products Pixabay

The Federal Government has provided grants from its Incubator Support initiative to three Australian technology businesses to commercialise new products, processes and services.

Tech hub Bridge Hub in Wagga Wagga has received $500,000; Spacecubed Ventures in WA has been given $247,000; and a partnership between the Innovation Centre Sunshine Coast and the Sunshine Coast Health Centre will get $120,000 to launch an incubator.

In a statement, Industry, Science and Technology Minister Karen Andrews said the three projects would receive funding to help local businesses work together, access world-class research and business expertise.

“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," she said.

The grant for Bridge Hub will help Riverina agriculture and food businesses identify, test and commercialise new ideas to create business opportunities and jobs.

It will also provide a global platform for Australian start-ups, through partnerships with Israeli researchers.

Spacecubed Ventures will use its grant to run two programs for 160 start-ups and entrepreneurs in Perth, Port Hedland, Geraldton and Bunbury.

Innovation Centre Sunshine Coast and the Sunshine Coast Health Institute will establish an incubator program for 10 start-ups in the health, well-being and med-tech sectors.

Spacecubed Ventures and the Innovation Centre Sunshine Coast have already been granted funding under the initiative’s expert-in-residence stream, which allowed them to bring in experts to deliver services directly to Australian entrepreneurs.

The Incubator Support initiative is part of the Australian Government’s Entrepreneurs’ Program. Supported incubators assist start-ups to develop skills and connections locally and globally.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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