Up to $500,000 is available through the Future Industries Fund for companies to invest in new technologies to increase productivity.
Future Industries Fund Grant Consultant
Call 1300 658 508
Future Industries Manufacturing Program
The Future Industries Fund supports high growth, high value industries that are critical to securing Victoria’s future as a competitive, innovative and outward looking economy.
In November 2015, Bulletpoint assisted Harry & Larry’s Ice-cream secure $1,200,000. Based in Brunswick, Harry & Larry’s manufacture a range of specialty ice creams.
The grant will see 30 new jobs created and investment in a factory expansion with custom engineered production lines, including the latest freezing technology, to make a range of gourmet ice creams and desserts in complex shapes and layers.
In March 2014, Bulletpoint assisted Cottage Cheese Farm secure $765,000. Based in Glenroy, Victoria, Cottage Cheese Farm is a speciality cheese manufacturer making mainly Haloumi, Ricotta and Mozzarella cheeses.
They received funding to assist with construction of a $6M purpose built cheese and yoghurt manufacturing facility. The project will allow them to expand current operations and introduction of new product lines.
Bulletpoint has assisted a number of clients secure manufacturing grants. Check out more case studies.
The Victorian Government has identified six priority sectors for the Future Industries Fund 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.
These priority sectors of the Future Industries Fund are underpinned by the government’s overarching economic development strategy which focuses on:
- Building more productive and liveable cities and regions through transport, infrastructure and land use planning.
- Gaining and maintaining competitive advantage through active industry and innovation policy.
- Improving conditions for business through taxation, efficient regulation and public sector reforms
- Better connecting Victoria to national and global markets by increasing targeted trade and investment attraction.
- Developing Victorians’ capabilities and fostering inclusion through skills and employment.
The total size of the Future Industries Fund is $200 M.
The Future Industries Fund provides grants of up to 25 per cent of eligible project expenditure, with a maximum grant of $500,000.
Projects with total eligible expenditure of less than $100,000 will not be considered for this program
The three different streams of the Future Industries Fund are:
- The Manufacturing Program – It aims to assist companies to implement new manufacturing technologies and processes that will provide a critical foundation for growth.
- The Sector Growth Program – This program is not yet open for applications. More information will be published soon.
- The New Energy Jobs Fund – It aims to support projects that create jobs and drive innovation in new energy technologies.
Future Industries Fund applications are sought from Victorian companies investing in their manufacturing operations that meet the program objectives. Companies in the future industry growth sectors can also apply.
The Future Industries Fund supports projects that will deliver on the program objectives by undertaking activities such as:
- The purchase and implementation of capital equipment (recorded as fixed assets in the applicant’s accounts)
- Manufacturing product and process improvements
- Prototyping, evaluation and testing of new manufacturing products and processes
- Supply chain capability development.
Applicants are required to demonstrate the need for government funding, including the likelihood of the project proceeding if the application is unsuccessful. Joint applications for the Future Industries Fund are acceptable, provided they have a lead applicant who is both the primary project proponent and an eligible applicant
Applicants must meet all the following criteria to be eligible for assistance under the Future Industries Manufacturing Program (FIMP):
- Have an Australian Company Number (ACN)
- Have an Australian Business Number (ABN)
- Be a Victorian-based business that is investing in its Victorian manufacturing operations