The Geelong Region Innovation and Investment Fund of over $24 million is now open for a second round of applications.
Grants need to be for more than $50,000 and there is no maximum amount. Startups will need to provide a matching cash commitment.
Startups need to be able to demonstrate their ability to create new or additional jobs in the Geelong region.
The region includes Queenscliff, Surf Coast, Colac-Otway, Golden Plains and Greater Geelong.
The awards will be assessed by a panel of representatives of the sponsor organisations.
The fund is backed by the federal government ($15 million), the Victorian government ($4.5 million) and Ford Australia ($5 million).
Startups will be assessed on the expected net economic benefit of the project to the region (40%); the team’s skills and resources to complete it (15%); the sustainability of the project and how much the project needs government support to occur (15%).
Only one company, car component manufacturer Carbon Revolution, was successful in the first round. The company, based in Waurn Ponds, received $5 million and is expected to create 108 jobs.
There are two information nights for those interested in applying for the grants.
Rose is the current head of growth at Rampersand Ventures. She was formerly a reporter at StartupSmart.
