$24 million fund for job-creating Geelong startups open for applications

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.