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4 September 2017

Melbourne gains $64m incubator

University of Melbourne and RMIT University have put their weight behind a new incubator and accelerator that is set to open in the city.

Author: Thierry Heles, editor

University of Melbourne and RMIT University are among a consortium of backers of an incubator and accelerator that is set to open its doors in the city of Melbourne, according to the Australian.

The centre is being opened by the city government of Melbourne, with other supporters including the government of Victoria, Jiangsu-Suzhou Science and Technology Town, and the Australia-China Association of Scientists and Entrepreneurs.

The incubator will have access to a total of A$80m ($64m) in funding to run the centre, fund project development and facilitate access to angel investment over the next three years.

Companies joining the space will gain access to universities, research institutes and the Suzhou accelerator in China.

The first cohort is expected to include startups developing products around intelligent clothing, smart alarms and third-party brain MRI imaging.

Arron Wood, acting lord mayor of Melbourne, said: “This Jiangsu-Victoria Innovation Centre will nurture the next generation of innovators and entrepreneurs to go on to great things. The incubation space will provide expert business development guidance and the potential to export ideas to the world."

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