The budget killed off millions of dollars of support for startup incubators

A program offering up to $250,000 to support startup incubators was closed by the federal government on budget night as treasurer Josh Frydenberg the government’s innovation credentials.

The Incubator Support Initiative offered between $13,000 to $250,000 of funding for up to two years for incubator projects, covering up to 65% of the cost in regional areas and 50% in major cities.

The program provided “new and existing incubators with funding to help startups develop the capabilities to succeed in international markets”. They incubators provided matching funding for any grants they received.

The Department of Industry’s website now has the program as closed. Screenshot.

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