A new round of funding is now available under the Victorian Government's Sector Growth Program, offering up to A$1 million in support of projects that align with the future industries sector strategies, create jobs, and drive growth, productivity and competitiveness of local businesses.

The sectors primed for growth are medical technologies and pharmaceuticals, new energy technologies, food and fibre, defence technologies, construction technologies, transport technologies, international education, and professional services.

Collectively, these sectors have the potential to generate up to A$70 billion in additional economic output and create 400,000 new jobs by 2025.

Updated eligibility requirements open more doors for Victorian business

Eligibility requirements for the Program have changed, which means applicants will only need to show their trading history for two years, and a consortium is required for Stream 2 projects only.

Applicants must address four assessment criteria, focusing on alignment with Future Industries sector strategies, economic benefits to the state, capacity to undertake the project, and value for money.

To date, the Program has supported a range of innovative projects, such as a 4D scanner developed by 4Dx Limited, Hydrix and Monash University that will help better diagnose and treat lung conditions, NORTH Link’s establishment of a dedicated food group to boost the food, fibre and beverage manufacturers in Melbourne's North, and Victorian company Gekko System’s biodigester system to help transform waste into renewable energy.

Before you apply

Before applying, you must first contact a Victorian Government representative through your local Victorian Government Trade and Investment (VGTI) office to make sure your idea is suitable for the Program.

Apply by visiting the Business Victoria website. Applications for funding close on 13 June 2018.

Pictured: the 4D Scanner developed by 4Dx Limited, Hydrix and Monash University - funding recipients of the Future Sector Growth Program