Part of a suite of Andrews Labor Government investments that aim to bolster local supply chains, the fund has been set up to support Victorian industry to create new products, innovate and compete in new markets globally.
Announcing the fund, Minister for Industry and Innovation Ben Carroll said, “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 research and development (R&D) fund provides matched grant resources of between $250,000 and $2 million to eligible businesses to boost their research and development infrastructure.
Grants will support projects aligned to Victoria’s priority industries, as identified in the Made in Victoria: 2030 Manufacturing Statement, including:
- new energy technologies, including wind, hydrogen, solar and batteries
- health technologies, including medtech, biotech, pharma and consumer healthcare
- food manufacturing and agriculture
- defence, aerospace and space
- digital and advanced technologies, including advanced materials, robotics, Artificial Intelligence (AI), 3D-printing, and quantum technologies.
Projects aligned to other industry sectors may also apply for funding.
The Made in Victoria – Industry R&D Infrastructure Fund complements existing initiatives such as the Commonwealth Government’s R&D tax incentive, working to boost business investment in research and development, and deliver benefits for the state’s advanced manufacturing sector.
Enhancing connections between industry and research organisations, the fund is set to produce more high-quality research and drive greater levels of innovation and productivity in Victoria.
To learn more about collaborative research and commercialisation partnerships, please contact our Commercial Research Services team.
Business Victoria: Industry R&D Infrastructure Fund
Premier of Victoria media release: New Industry R&D Fund To Boost Innovation And Productivity