startup

New grants announced for start-up businesses in Australia

by Ray Clancy on May 30, 2017

in Money, Business and Finance

People starting a business in Australia could benefit from $1.4 million in grants provided by the creation of four new hubs as part of the Government’s incubator support initiative, it has been announced.

New incubator hubs are being created in Brisbane, Sydney and the Hunter region of New South Wales and the services of an existing incubator in Adelaide will be expanded.

(tashatuvango/Bigstock.com)

‘These incubators will assist start-ups developing new products and services in advanced manufacturing, media and creative technologies and technology hardware, amongst other sectors,’ said Arthur Sinodinos, Minister of Industry, Innovation and Science.

There will be $196,265 for Flinders University to expand the New Ventures Institute to assist innovative advanced manufacturing focused start-ups in Adelaide and $474,535 for Slingshot Accelerator in collaboration with the University of Newcastle, to identify, invest in and support up to 16 Hunter region start-ups and assist potential entrepreneurs at the ideas stage.

It also means $500,000 for The Studio Incubator in Sydney which will foster and support new media and creative technology start-ups through accelerator programmes, education, networks and mentoring, links to private equity and capital, and access to studio facilities and other technology.

And there will be $268,674 for The Advance Innovation Hub in Brisbane which will provide hardware based start-ups with resources, technical knowledge and access to innovative prototyping and manufacturing equipment and industry specialists.

These new grants follow the announcement earlier this month of $500,000 for the Darwin Innovation Hub, also provided under the Incubator Support initiative.

‘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 explained.

The $23 million Incubator Support initiative is part of the Entrepreneurs Programme and contributes to the continued implementation of the Australian Government’s National Innovation and Science Agenda.

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