The Federal Government has announced a new $23 million Incubator Support Initiative as part of its National Innovation and Science Agenda (NISA). Industry, Innovation and Science Minister Greg Hunt launched the Commonwealth-backed venture fund to support high growth startups and innovators.

What is the Innovation Fund?

As part of the announcement, an Innovation Fund will be set up and available to startup founders and entrepreneurs. It is expected to be provide over $500 million in funding and will be launched in early 2017. The fund will be managed by Innovation and Science Australia, the same organisation that manages the current Biomedical Translation Fund.

What is the Incubator Support Initiative?

The Federal Government Incubator Support Initiative will support companies by allowing access to grants between $10,000 and $500,000 over 12 to 24 months for the creation of new startup incubators in regions or business sectors with strong link to international trade. The initiative will also provide an opportunity for existing high-performance incubators to expand their services.

Unlike other government grants available for startups, the Incubator Support Initiative also includes a component where startup incubators will be able to apply for a dollar-for-dollar funding up to $25,000 over 12 months to bring on board experts-in-residence from Australia and overseas (thought leaders and experienced business leaders to assist the growth of the business).

In order to be eligible for the grant, incubators must have 30 per cent of their component of the cash up front and 20 per cent raised through state government grants or capital raising activities. Thus, 50 per cent of the total amount of the grants will be responsible by incubators in order to receive matching grants from the government.

The government has recognised the strong growth in the startup sector. Originally committing $8 million to the incubator initiative as part of NISA, the government has committed a further $15 million boost over four years.

Types of Support Initiatives

There are two support initiatives available to access the funding from the Incubator Support Initiative. In order to receive the funding, incubator applicants must also match the funding dollar for dollar. The New and Existing Incubators initiative aims to develop new incubators in regions with high potential for success in international trade and boost the performance of successful incubators. The Expert-in-Residence initiative aims to provide access to top quality research, managerial and technical talent through the advice of expert advisers with a background in successful commercial startups. The grant will be 50 per cent of the total project value.

The Incubator Support Initiative is now accepting application on the business.gov.au website. Incubators must have a valid Australian Business Number (ABN) to apply. Individuals, partnerships and trusts are ineligible to apply. New or existing incubators must have a project at least $20,000 in total project value. For expert-in-residence grants, the threshold is $2,000 in total project value.

Please note that LegalVision cannot assist with Incubator Support Grants.

COVID-19 Business Survey
LegalVision is conducting a survey on the impact of COVID-19 for businesses across Australia. The survey takes 2 minutes to complete and all responses are anonymous. We would appreciate your input. Take the survey now.

About LegalVision: LegalVision is a tech-driven, full-service commercial law firm that uses technology to deliver a faster, better quality and more cost-effective client experience.

The majority of our clients are LVConnect members. By becoming a member, you can stay ahead of legal issues while staying on top of costs. For just $199 per month, membership unlocks unlimited lawyer consultations, faster turnaround times, free legal templates and members-only discounts.

Learn more about LVConnect

Anthony Lieu
Our Awards
  • 2019 Top 25 Startups - LinkedIn 2019 Top 25 Startups - LinkedIn
  • 2019 NewLaw Firm of the Year - Australian Law Awards 2019 NewLaw Firm of the Year - Australian Law Awards
  • 2020 Fastest Growing Law Firm - Financial Times APAC 500 2020 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review 2020 AFR Fast 100 List - Australian Financial Review
  • 2020 Law Firm of the Year Finalist - Australasian Law Awards 2020 Law Firm of the Year Finalist - Australasian Law Awards
  • Most Innovative Law Firm - 2019 Australasian Lawyer 2019 Most Innovative Firm - Australasian Lawyer
Privacy Policy Snapshot

We collect and store information about you. Let us explain why we do this.

What information do you collect?

We collect a range of data about you, including your contact details, legal issues and data on how you use our website.

How do you collect information?

We collect information over the phone, by email and through our website.

What do you do with this information?

We store and use your information to deliver you better legal services. This mostly involves communicating with you, marketing to you and occasionally sharing your information with our partners.

How do I contact you?

You can always see what data you’ve stored with us.

Questions, comments or complaints? Reach out on 1300 544 755 or email us at info@legalvision.com.au

View Privacy Policy