Victorian investment sees manufacturers adopt new business models

Funding from the Victorian state government has allowed businesses in the state to innovate and pursue advanced manufacturing processes and develop new business models.

The Boost Your Business Voucher Program provides small to medium enterprises (SMEs) to find new markets for their products and invest in growing their workforce.

The funding is categorised into eight sectors, including Food Innovation, Advanced Manufacturing, Defence, Aerospace and Security and Victoria-Israel Innovation. In each of these segments, recipients can receive up to $50,000.

If successful in receiving funding, the businesses could chase research and development opportunities and produce new products.

For example, Geelong-based coffee roaster, Little Red Roaster utilised the funding it received under the program to create a cloud-based coffee roasting software which allows for roasting operations to be managed remotely. This has allowed the company to innovate its business model, as micro-roasters across Australia could utilise the Little Red Roaster Brand and cloud-technology to roast their own coffee.

Supporting a regionally-located business to innovate in this manner improves the potential of such a business to expand outside of its original location.

“This is a great local success story for Geelong and our region and it’s great that we can play our part in giving businesses that winning edge right here in Geelong, which is fast becoming an innovation hub,” said Member for Geelong, Christine Couzens.

The total amount provided in this round of vouchers is $1.8 million, with the total provided since the program’s inception in January 2018 surpassing $7.8 million.

Minister for Jobs, Innovation and Trade, Martin Pakula, visited the Geelong headquarters of Little Red Roaster, and highlighted how this program benefits the business and the wider community.

“These vouchers are an excellent way for small and medium businesses to take the next step in their journey, ultimately leading to a stronger economy and more jobs for locals,” said Pakula.