Launch of the Incubator Support Initative
Earlier today the Minister for Industry, Innovation and Science, the Hon. Greg Hunt MP, launched the Incubator Support Initiative.
The Incubator Support Initiative was announced as a new measure under the National Innovation and Science Agenda (NISA) in December 2015. The $23m initiative will be implemented as a fourth element of the Entrepreneurs’ Programme, complementing the existing suite of services already offered to businesses under the Programme.
Funding will be available to support the establishment of new incubators in regions or sectors with high innovation potential, and for existing incubators looking to expand their services. Funded incubators will deliver a range of activities designed to improve the prospects of commercial success of innovative start-ups, allowing them to realise their economic potential faster than they otherwise would. The initiative will support entrepreneurial activity and contribute to the development of the innovation ecosystem, including in Australia’s regions.
The Incubator Support initiative provides funding through two components to deliver incubator support projects, both of which require matched funding from applicants.
The first is support for New and Existing Incubators:
a) to help develop new incubators in regions or sectors with high potential for success in international trade, and
b) to boost the effectiveness of high performing incubators, including funding support to expand their services and/or develop the innovation ecosystem.
The second is support for Expert-in-Residence:
a) to provide access to top quality research, managerial and technical talent through secondments of national or international expert advisers who will improve their chance of commercial success in international markets.
Grant funding of up to 50 per cent of total incubator support project values will be available as follows:
a) a minimum grant amount of $10,000 and a maximum grant amount of $500,000 for New and Existing Incubators per project with a maximum grant period of 24 months.
b) a minimum grant amount of $1,000 and a maximum grant amount of $25,000 for Expert-In-Residence per project with a maximum grant period of 12 months.
For further information about Incubator Support, including instructions on how to apply, please visit www.business.gov.au/incubator-support, or call 13 28 46.
The Minister’s Media Release can be found at: http://minister.industry.gov.au/ministers/hunt/media-releases/building-better-incubators-support-new-australian-start-ups