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Liberal Senator for New South Wales, Marise Payne 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,” Senator Payne 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,” Senator Payne said.

Minister for Industry, Innovation & Science, Greg Hunt said we need to ensure more innovative businesses, in metropolitan, regional and rural areas, can access the resources and networks they need to grow.

“I want to see more Australian businesses achieve success on the world stage and I’m hopeful this initiative will help start-ups to quickly scale-up and launch into global markets.”

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.