Existing and new business incubators across the Northern Territory can now apply for grants from the Turnbull Government to help local start-ups access advice and capital and gain valuable connections.
Country Liberals Senator for the Northern Territory, Nigel Scullion, said the $23 million Incubator Support initiative would provide matching grants of between $10,000 and $500,000 for the creation of new incubators in regions or business sectors with strong links to international trade, and for existing, high-performing incubators to expand their services.
“This initiative is focused on bringing local businesses together, through an incubator, to increase collaboration and local knowledge,” Senator Scullion said.
“Ultimately it’s about providing the opportunity and tools for local businesses to be competitive and it puts them, and their ideas, in the driving seat to succeed.”
Incubators can also access matching grants of up to $25,000 to engage experts-in-residence from Australia and overseas.
“This means start-ups will have access to the top-quality research, managerial and technical talent they need to develop their capabilities and commercialise their ideas,” Senator Scullion said.
Minister for Industry, Innovation and Science, Greg Hunt, said: “We need to ensure more innovative businesses in metropolitan, regional and rural areas can access the resources and networks they need to grow.
“I want to see more Australian businesses achieve success on the world stage and I’m hopeful this initiative will help start-ups to quickly scale-up and launch into global markets.”
The Incubator Support initiative is a new element of the Entrepreneurs’ Programme and is one of the measures under the Turnbull Government’s National Innovation and Science Agenda.
Applications are now open. To view further information, guidelines and to apply visit: www.business.gov.au/incubator-support