A Geelong based business incubator helping start-ups fast track new products to the global market is among the latest to receive funding from the Liberal National Government’s Incubator Support initiative.
Minister for Industry, Science and Technology, Karen Andrews, and Federal Member for Corangamite, Sarah Henderson, today announced ManuFutures, an innovation hub based in Geelong’s Deakin University had received a $500,000 grant.
“ManuFutures supports emerging advanced manufacturing and cutting edge technology enterprises, creating new-to-market products,” Minister Andrews said.
“The Incubator Support funding will help Deakin develop a unique program that will accelerate its resident start-ups into targeted export growth markets.”
Minister Andrews said ManuFutures is an existing incubator with a proven track record.
“The Liberal National Government is building on industrial strengths, not only for the benefit of the companies but their broader communities.
“Incubators and innovative start-ups play an important role across the economy in creating high-value jobs, contributing to increased productivity and bringing new products and services to market.”
Federal Member for Corangamite, Sarah Henderson, said that the grant was recognition of the important role ManuFutures plays in the local and national economies.
“I commend ManuFutures in securing a government grant to build its business and help start-ups. Grants like these not only help the company but our local community,” Ms Henderson said.
ManuFutures tenants which have already benefited from federal funding – under the Regional Jobs and Investment Packages (RJIP), Next Generation Manufacturing Investment Program (NGMIP) and R&D Tax Incentive – include the following:
- Partington Advanced Engineering ($309,442, RJIP) – has established a state-of-the-art manufacturing facility to support composite design and production and reached pre-production status of their first wheel product. They have employed two fulltime EFT plus three interns throughout 2018.
- Conflux Technologies ($1.02m, RJIP) – has established a state-of-the-art 3D manufacturing facility and refined design and production processes of launch product, their integrated heat exchanger. They have employed seven fulltime EFT, one graduate and two interns throughout 2018.
- HeIQ ($1.25m, NGMIP) – has achieved primary production with the initial batch having been exported into their supply chain for process testing and acceptance. They have employed one fulltime EFT plus a total of five interns throughout 2018.
The $23 million Incubator Support initiative is part of the Coalition’s Entrepreneurs’ Programme.
For more information on the Incubator Support grant recipients go to www.business.gov.au/incubator-recipients
For Incubator Support grant application information, visit www.business.gov.au/assistance/incubator-support
14 December 2018