Innovation is critical to Australia’s economic transition and forms an important part of our national economic plan.
As part of the Turnbull Coalition Government’s $1.1 billion National Innovation and Science Agenda we are backing startup businesses.
Startups are among the most innovative businesses and are an important source of job creation and growth.
A re-elected Turnbull Coalition Government will invest $15 million to increase support to Australia’s startup businesses by expanding the Incubator Support programme.
This $15 million investment will add to the $8 million allocated to the Incubator Support programme under the Innovation Agenda.
This new investment will:
- Increase the number of startup incubators and accelerators in Australia,
- Support the expansion of existing high-performing incubators and accelerators,
- Attract ‘experts in residence’ to provide specialist advice to startup businesses,
- Enable new and existing incubators and accelerators to access up to $500,000 in funding.
Incubators and accelerators assist startups with new business networks and expert advice, helping them access new sources of funding and bring innovative ideas to market sooner.
Australia’s existing network of incubators and accelerators is falling well short of meeting the current level of demand.
This initiative builds on the Turnbull Coalition Government’s strong record of investing in innovation and supporting startup businesses.
The Coalition has:
- Delivered tax incentives for investors in innovative startups
- Reformed Venture Capital Limited Partnerships to attract more venture capital investment in Australia
- Commenced delivering international landing pads to assist Australian startups expand into key global markets
The Coalition’s support for startup businesses is helping to boost investment, deliver new sources of growth and create more jobs.