Food and beverage manufacturers can tap into $20 million worth of funding to grow their businesses through Australia’s Food and Beverage Accelerator (FaBA).
The initiative – led by the University of Queensland – is part of the Federal Government’s Trailblazer program, which allows businesses to collaborate with researchers on ingredient and product development, sensory and consumer sciences, and business insights and marketing.
FaBA director Dr Chris Downs encourages F&B manufacturers nationwide to join the second round and share a dollar-matched investment to turn their business ideas into reality.
Participants of this round will join All G Foods, Gelita, Nourish Ingredients, Eden Brew, and V2food, which took part in the first investment round.
“FaBA aims to deliver ‘science at start-up speed’ to provide smart, sustainable solutions to industry challenges and grow Australia’s food manufacturing sector, creating jobs,” said Downs.
“The second investment round represents an incredible opportunity for new participants and projects to access all FaBA offers.”
FaBA Commercialisation and Business Development Manager Lloyd Thomson said the Trailblazer provides companies access to leading F&B researchers with its university partners, including the University of Queensland, Queensland University of Technology, and the University of Southern Queensland.
“Through FaBA, Australian businesses can access the expertise essential to work to deliver products that meet consumer demand, resolve manufacturing challenges, boost profitability and, importantly, help deliver a commercially sustainable product far quicker than traditional R&D approaches,” Thomson concluded.
The Australian Government Department of Education supports FaBA through the Trailblazer Universities Program and has secured $50 million in federal investment, with an additional $110 million to be invested by industry and research participants.
Interested parties can sign up from August 14 until September 22.
This story first appeared on our sister publication Inside FMCG
