Reading time: 3 minutes

In December 2015, Prime Minister Malcolm Turnbull announced a new $1.1 billion National Innovation and Science Agenda. As part of this Agenda, there will be new initiatives aimed at fostering innovation and encouraging entrepreneurs to take risks in starting new businesses. One new component of the Entrepreneurs’ Programme is an $8 million Incubator Support Programme, to take effect on 1 July 2016.

Incubators and Accelerators in Australia

A startup incubator funds startups with the same investor group while accelerators provide initial seed investment in exchange for equity. There are over 30 incubators and accelerators already established in Australia, playing a pivotal role in assisting startups to scale quickly and facilitating enterprise creation and development. Such initiatives also provide structured programmes for startups to be educated, coached and mentored during their residency period.

What is the Incubator Support Programme?

The Incubator Support Programme will allow high-performing incubators to further assist fast-growth Australian startups. In addition to offering additional funding, the Incubator Support Programme will also support the development of new incubators and accelerators in regions and areas with high innovation potential.

The Programme will also allow incubators to expand their service offering to startups. This will include:

  • The engagement of a Commercialisation Adviser whose role will be to assist startups in accessing other government services and programmes;
  • Boosting access to top quality research and technical talent through secondments of national or international expert advisers; and
  • Coordinating and promoting support for entrepreneurs and startups through the Australian Innovation Network. The Australian Innovation Network will be an online portal that will assist entrepreneurs access information on startup support opportunities, activities and events.

The Incubator Support Programme will play an important role in growing and supporting the next generation of innovative and high performing Australian startups and businesses.

What are the Landing Pads?

In addition to the Incubator Support Programme, the Federal Government will also implement a five-year $36 million Global Innovation Strategy. This strategy includes forming global hotspots for startups and businesses to work in a physical space and network with global businesses, incubators and accelerators. These five ‘landing pads’ will be located in key destinations (with the first one in Tel Aviv, followed by Silicon Valley) to allow Australian entrepreneurs to expand more rapidly to major export markets. Currently, Australia is one of few innovation countries in the world without established landing pads in key economies around the world.

Startups must be ‘market-ready’ with a proven business model to meet the eligibility criteria. They will be invited to collaborate with global partners and occupy a short-term operational base and working visas to allow them to develop further their business idea. An Austrade coordinator will also be on the ground at each landing pad to provide support with any existing non-government programmes.

The Federal Government has also allocated $22 million in seed funding to assist collaborations with international research bodies, including the Fraunhofer Institute in Germany. Implementation of the Global Innovation Strategy will begin in 2016 with funding available from July 2016.

If you are currently developing a business idea or working on scaling a startup, our startup law team can assist you with growing your business, including capital raising to international trade mark registration. We can also assist with international licensing and export permits. Get in touch with our startup lawyers on 1300 544 755. 

Working on a startup? Download LegalVision’s Startup Manual – a free 60-page manual featuring 10 case studies and tips and tricks from Australia’s leading VCs and startups.

Webinars

Redundancies and Restructuring: Understanding Your Employer Obligations

Thursday 7 July | 11:00 - 11:45am

Online
If you plan on making a role redundant, it is crucial that you understand your employer obligations. Our free webinar will explain.
Register Now

How to Sponsor Foreign Workers For Your Tech Business

Wednesday 13 July | 11:00 - 11:45am

Online
Need web3 talent for your tech business? Consider sponsoring workers from overseas. Join our free webinar to learn more.
Register Now

Advertising 101: Social Media, Influencers and the Law

Thursday 21 July | 11:00 - 11:45am

Online
Learn how to promote your business on social media without breaking the law. Register for our free webinar today.
Register Now

Structuring for Certainty in Uncertain Times

Tuesday 26 July | 12:00 - 12:45pm

Online
Learn how to structure to weather storm and ensure you can take advantage of the “green shoots” opportunities arising on the other side of a recession.
Register Now

Playing for the Prize: How to Run Trade Promotions

Thursday 28 July | 11:00 - 11:45am

Online
Running a promotion with a prize? Your business has specific trade promotion obligations. Join our free webinar to learn more.
Register Now

Web3 Essentials: Understanding SAFT Agreements

Tuesday 2 August | 11:00 - 11:45am

Online
Learn how SAFT Agreements can help your Web3 business when raising capital. Register today for our free webinar.
Register Now

Understanding Your Annual Franchise Update Obligations

Wednesday 3 August | 11:00 - 11:45am

Online
Franchisors must meet annual reporting obligations each October. Understand your legal requirements by registering for our free webinar today.
Register Now

Legal Essentials for Product Manufacturers

Thursday 11 August | 11:00 - 11:45am

Online
As a product manufacturer, do you know your legal obligations if there is a product recall? Join our free webinar to learn more.
Register Now

About LegalVision: LegalVision is a commercial law firm that provides businesses with affordable and ongoing legal assistance through our industry-first membership.

By becoming a member, you'll have an experienced legal team ready to answer your questions, draft and review your contracts, and resolve your disputes. All the legal assistance your business needs, for a low monthly fee.

Learn more about our membership

Anthony Lieu
Need Legal Help? Submit an Enquiry

If you would like to get in touch with our team and learn more about how our membership can help your business, fill out the form below.

Our Awards

  • 2020 Innovation Award 2020 Excellence in Technology & Innovation Finalist – Australasian Law Awards
  • 2020 Employer of Choice Award 2020 Employer of Choice Winner – Australasian Lawyer
  • 2020 Financial Times Award 2021 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review
  • 2021 Law Firm of the Year Award 2021 Law Firm of the Year - Australasian Law Awards
  • 2022 Law Firm of the Year Winner 2022 Law Firm of the Year - Australasian Law Awards