Tasmania announces its new Space Technology Seed Fund

Space Technology Seed Fund

The Tasmanian government has announced a new initiative, the Tasmanian Space Technology Seed Fund, which will help to support local businesses in exploring and entering the fast-growing space economy. 

The space sector is set to grow nationally to $12 billion and generate 20,000 more jobs by 2030. 

“I’m pleased to announce our exciting new initiative, the Tasmanian Space Technology Seed Fund, which will co-invest with businesses to adapt, extend or develop new technology and services for the space economy,” Tasmanian minister for Science and Technology Michael Ferguson said. 

Launching in the first quarter of 2022, the $500,000 Tasmanian Space Technology Seed Fund will provide two rounds of competitive, matched grant funding to eligible Tasmanian businesses, including start-ups. 

“This is a great opportunity for Tasmanian businesses to enter an industry that captures the imagination like no other,” Ferguson said. 

Following the signing of an MOU with the Australian Space Agency in late 2019, the Tasmanian government has strengthened its space research infrastructure capabilities. This includes areas such as Space Domain Awareness, Space Medicine and Life Sciences, through key partnerships created with both business and academia. 

The next step in the plan will propel Tasmania’s industries into space by driving innovation, developing local space capabilities, increasing investment in research and development, and creating new STEM and highly skilled jobs. 

The Tasmanian Space Technology Seed Fund is another example of the Tasmanian government backing local businesses to think big and grasp new and innovative opportunities for the future. 

Further details of the fund, including guidelines, will be announced in 2022.