EXISTING and new business incubators in Leichhardt can now apply for grants from the Turnbull Government to help local start-ups access advice, capital and gain valuable connections.
Federal Member for Leichhardt Warren Entsch said the $23 million Incubator Support initiative would provide matching grants of between $10,000 and $500,000 for the creation of new incubators in regions or business sectors with strong links to international trade, and for existing, high-performing incubators to expand their services.
“This initiative is focused on bringing local businesses together, through an incubator, to increase collaboration and local knowledge,” Mr Entsch said. “Ultimately it’s about providing the opportunity and tools for local businesses to be competitive and it puts them, and their ideas, in the driving seat for potential success.”
Incubators can also access matching grants of up to $25,000 to engage experts-in-residence from Australia and overseas.
“This means start-ups will have access to the top-quality research, managerial and technical talent they need to develop their capabilities and commercialise their ideas,” Mr Entsch said. “We need to ensure more innovative businesses, in metropolitan, regional and rural areas, can access the resources and networks they need to grow.”
Mr Entsch highlighted The Space in Cairns as an example of an incubator that was working to help local people take an innovative idea and develop it through into a commercial product.
“During the 2016 election campaign, when we announced $10m for the Cairns Innovation Centre at James Cook University, I took Prime Minister Turnbull to visit The Space. We saw first-hand how a business incubator brings like-minded people together and supports them during what can be a daunting process.
“I’m looking forward to working with The Space, JCU and other interested parties as the Cairns Innovation Centre is developed.”
The Incubator Support initiative is a new element of the Entrepreneurs’ Programme and is one of the measures under the Turnbull Government’s National Innovation and Science Agenda. Applications are now open. To view further information, guidelines and to apply visit: www.business.gov.au/incubator-support