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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 1Scoping, 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.

Who Can Apply?

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 Activities

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.

Main Assessment Criteria

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.

  • Start-up
     
  • Research & Development
  • Marketing
     
  • Export
     
  • Business Support
     
Documentation Uploaded
International Education Strategy 2017-12-06 Download
Transport Technologies Strategy 2017-12-06 Download
Media Release 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

Add to
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Category
Business
Community
Dates
Status Pending
Closing Information
Please see the Overview for the closing details.

Value
Funding Type Grant
Max.Funding $2M
Total Funding Pool $316M
Co-contribution Yes
Competitive Yes
Eligible Activities
Activities
Transport and Distribution
Training / Employment
Manufacturing
Innovation and R&D
Environment and Sustainability
Sector/SubSector
Environment : Energy
Gender Any
Age Any
Who Can Apply?
Location
Victoria
Region
Any
Industries
Healthcare, Medical, Biotechnology and Nanotechnology
Food and Beverage
Energy and Renewables
Education
Defence
Building, Construction and Engineering
Eligible Organisation Type(s)
Organisation
Difficulty Rating
Administrator
Tier State
Department
Department of Economic Development, Jobs, Transport and Resources
Contacts
Program Administrator
Department of Economic Development, Jobs, Transport and Resources
Telephone
132215
Email
futureindustries@business.vic.gov.au
General WebsiteVisit
Program Website Visit