Voucher program to drive innovation under Matthew Guy

The Liberal Nationals are committed to strengthening and diversifying the Victorian economy by facilitating up to $18 million in commercial investment through a new $9 million innovation voucher program.

Victorian Start-Ups, Small and Medium Enterprises will be able to access innovation grants focusing on 6 key areas of Victorian competitive advantage, one of which will be Victoria’s world class biotech and medical tech industries.

Victoria’s medical tech is a rapidly growing cutting-edge industry and these grants will support new entrants and existing businesses to driving competition and innovation whilst leveraging off existing networks.

A total of $9 million over 4 years will be awarded by the Liberal Nationals on a dollar-for-dollar matched basis to drive innovation, industry collaboration and growth.

With Australia currently ranking 33rd out of 33 of the OECD countries for collaboration between universities, publicly funded research organisations and business.

The Innovation Voucher Program will reward businesses with a demonstrated ability to collaborate with others in their field including other Victorian businesses, universities and research agencies. These vouchers will help to foster relationships between diverse groups of collaborators that will ultimately drive commercial innovations and grow Victoria’s reputation on a world stage.

The vouchers will be also encourage innovation in many of Victoria’s existing key economic sectors such as Medical and biotechnology; Agri-tech; Defence industries including manufacturing; Design and digital technologies; Transport and logistics and Renewable Energy.

Comments attributable to Shadow Minister for Innovation, David Southwick:

“To stay relevant in a globally competitive world, Victoria needs a diverse, innovation and collaborative economy.

Victoria must seize on its areas of competitive advantage and support a commercially focused collaborative approach to driving future innovation and growth.

These targeted grants will drive innovation, grow competitive advantage and deliver a stronger economy for all Victorians.”

Comments attributable to CEO BioMelbourne Network, Krystal Evans:

“BioMelbourne Network has called for programs that foster a culture of collaboration and innovation in Victoria’s medical tech and biotech industries.

A commercialisation focused voucher program is just what new starts-up and growing companies need to accelerate products toward patients and drive future innovation in the health industry”


Media contact:         Alexander Woff        0434 972 166        alexander.woff@parliament.vic.gov.au