Saturday, June 15, 2024

Victorian government backs local innovation with new R&D fund

The Victorian government has set up a new research and development fund to help locals create new products, harness innovation and compete in new markets across the globe.

Minister for Industry and Innovation Ben Carroll announced the opening of the $15 million Made in Victoria – Industry R&D Infrastructure Fund last week, which will provide matched grant funding of between $250,000 and $2 million to eligible businesses to boost their R&D infrastructure.

Helping accelerate projects in new energy, health technology, food manufacturing, defence and aerospace, and advanced technology, the grants will support new infrastructure and equipment such as measurement instruments, imaging and sensing technologies, and clean room facilities.

“We’re backing cutting-edge research and development because we know that innovations discovered here in Victoria help to grow businesses and create jobs,” says Mr Caroll.

“We want to make it easier for Victorian businesses to invest in research and development because we know it will deliver major benefits for our economy for years to come.”

The fund will complement existing initiatives such as the Commonwealth government’s R&D tax incentive. It will also foster stronger connections between industry and research organisations, including Victoria’s “leading” universities, to produce more “high-quality” research and drive “greater levels” of innovation and productivity.

In addition, the Victorian government is delivering an extra $5 million for LaunchVic’s Alice Anderson Fund to support more women-led startups and $12.3 million to support the delivery of major sovereign mRNA manufacturing facilities in Victoria.

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