Building better incubators to support North Sydney start-up businesses

  • October 12, 2016

The Turnbull Government recently launched an initiative to support a new wave of businesses in North Sydney and around Australia to achieve global success and boost their ideas.

Federal Member for North Sydney Trent Zimmerman MP welcomed the announcement by the Minister for Innovation and Industry, the Hon Greg Hunt MP and said it would be welcome news for many start-ups in the North Sydney electorate.

“The Incubator Support initiative includes $23 million to assist with the creation of new business incubators which will help start-up companies access advice, capital and valuable connections,” Mr Zimmerman said.

“Business incubators will increase innovation capacity by bringing communities of entrepreneurs together to increase the flow of local knowledge and foster collaboration,” Mr Zimmerman said.

Mr Zimmerman said applications are now open for matching grants between $10,000 and $500,000 for the creation of new incubators in business sectors with strong links to international trade, and for existing, high-performing incubators to expand their services and operations.

Incubators can also access matching grants of up to $25,000 to engage experts-in-residence from Australia and overseas. This ensures start-ups have access to the top-quality research, managerial and technical talent they need to develop their capabilities and commercialise their ideas.

“I am delighted that Minister Hunt chose Sydney to launch the Incubator Support initiative on behalf of the Turnbull Government. Although it was across the bridge at Sydney-based fintech hub Stone & Chalk, this is great news for businesses in North Sydney and I encourage our local entrepreneurs and start-ups to take advantage of the available grants,” Mr Zimmerman said.

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 (NISA).

The Turnbull Government initially announced $8 million towards this initiative, but has committed a further $15 million over 4 years to ensure more innovative businesses can access the resources and networks needed to grow and succeed.

Guidelines are available and applications are now open. For more information visit: www.business.gov.au/incubator-support