The federal government announced support for businesses through the Incubator Support program on July 23.
The three businesses that received funding in this round are from the manufacturing, cyber security, and food and ag-tech sectors.
The total funding distributed surpasses $1 million and is designed to enable entrepreneurs to turn their ideas into reality.
The companies that receiving funding are: Melt Accelerator, which will grow hardware start-ups, allowing hardware start-ups to prove, prototype, pilot, and produce scalable products; Canobolas Ventures’ Sparklabs Cultiva8 Stretch project, which bridges connections between investors, researchers, and customers and start-ups; and Cyrise Accelerator’s cyber boot camps for founders of start-ups.
Minister for Industry, Science, and Technology, Karen Andrews, highlight how the services these companies provide will enable other enterprises to grow.
“Being innovative and embracing technology is essential for industry to continue to flourish and to create new jobs,” said Andrews. “Their work will also strengthen our cyber security capabilities, which presents many economic opportunities.”
The Incubator Support program has run since 2016 and has invested $19.5 million to support entrepreneurs.
Past winners have received grants of up to $500,000 to pursue projects including export accelerators for advanced Australian manufacturing, growing entrepreneurship in regional and suburban contexts, and advanced materials programs. Recipients have included private companies, universities and local government bodies as well as industry organisations.
“These start-ups will be able to prototype, pilot and produce products, which can strengthen traditional industry in Australia, as well as be sold around the globe,” said Andrews.
Applications for the next round of funding are open now.