The Morrison Government is providing $1 million under the Incubator Support initiative to help three Australia businesses turn their ideas into reality.
The three businesses that will receive funding under the Incubator Support initiative are the Melt Accelerator and Canobolas Ventures from NSW, and Victoria’s Cyrise Accelerator.
The latest funding round will assist Melt Accelerator’s growing and scaling hardware start-ups project, which aims to revolutionise the way hardware start-ups prove, prototype, pilot and produce globally scalable products and companies.
Canobolas Ventures’ Sparklabs Cultiv8 Stretch project – a program to support start-ups with crucial connections and networks, including access to leading investors, researchers – and Cyrise Accelerator’s world-class cyber bootcamps for aspiring start-up founders project – have also been backed through the initiative.
Minister for Industry, Science customers and Technology Karen Andrews said the Federal Government is backing the manufacturing, cyber security and food and ag-tech sectors as part of its plan to create 1.25 million jobs over the next five years.
“Being innovative and embracing technology is essential for industry to continue to flourish and to create new jobs,” Minister Andrews said.
“These start-ups will be able to prototype, pilot and produce products, which can strengthen traditional industry in Australia, as well as be sold around the globe.
“Their work will also strengthen our cyber security capabilities, which presents many economic opportunities.”