Future Industries Fund (Overview)Overview
This program seeks to support high growth, high value industries that are critical to securing Victoria's future as a competitive, innovative and outward looking economy.
The Victorian government has identified six priority sectors that have potential for extraordinary economic growth and the capacity to create high-skill, high wage jobs. These include:
- Medical technologies and pharmaceuticals
- New energy technologies
- Food and fibre
- Transport, defence and construction technologies
- International education
- Professional services
There are three funding streams available:
1. The Manufacturing Program
- Aims to assist companies to implement new manufacturing technologies and processes that will provide a critical foundation for growth.
- Grants of up to $500,000 are available on a 3:1 matched funding basis.
- Expressions of interest for funding under this program is suspended effective 6 July 2018.
2. The Sector Growth Program
- Provides grant funding for Victorian-based projects that align with future industries sector strategies.
- Funding is available under the following categories:
a) Stream 1: Scoping, Planning and Feasibility (Up to $100,000)
b) Stream 2: Project Implementation (Up to $1 million)
- Applicants are required to provide a dollar-for-dollar matching contribution.
- Application closed on 13 June 2018.
3. The New Energy Jobs Fund
- Seeks to support Victorian-based projects that create long-term sustainable jobs, increase the uptake of renewable energy generation, reduce greenhouse gas emissions and drive innovation in new energy technologies.
- Grants between $20,000 and $1 million, and under exceptional circumstances, up to $2 million, are available on a 3:1 matched funding basis.
- A total funding pool of $20 million is available, $11 million of which allocated through three annual grants:
a) Round 1 (Closed March 2016): $5 million
b) Round 2 (Closed March 2017): $6 million
c) Round 3 (Closed March 2018): $3 million
An initial funding pool of $200 million was made available in 2015-16.
As announced in the 2017-18 State Budget, the Government committed an additional $5 million to boost the Future Industries Manufacturing Program (FIMP), building on the $13 million announced last year. This brings the total funding pool to $316 million, including the $111 million additional funding provided in the 2016-17 Budget.
Eligible applicants include:
- Industries that are included in the six priority sectors.
- Companies engaged in manufacturing that do not need to be part of the six high-growth sectors.
Please refer to the individual Guidelines of each stream for the specific eligibility requirements
Eligible projects include those that:
- Create the most jobs.
- Are unlikely to succeed without government support.
Please refer to the individual Guidelines of each stream for the list of eligible activities/projects.
Please refer to the individual Guidelines of each stream for the specific assessment criteria.Restrictions
Please refer to the individual Guidelines of each stream for the list of ineligible activities/projects.
- Research & Development
- Business Support
|International Education Strategy||2017-12-06||Download|
|Transport Technologies Strategy||2017-12-06||Download|
|Medical Technologies and Pharmaceuticals Sector Strategy||2017-12-06||Download|
|Professional Services Strategy||2017-12-06||Download|
|Construction Technologies Strategy||2017-12-06||Download|
|Food and Fibre Strategy||2017-12-06||Download|
|International Defence Strategy||2017-12-06||Download|
|New Energy Technology Strategy||2017-12-06||Download|
|Summary and Achievements||2018-05-07||Download|
Use these documents as a guide only - always get the latest direct from the Administrator