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.
“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.”