With this week’s announcement of an innovation hub for Bega, the University of Wollongong’s local campus says the Bega Valley community will have access to the tools and support to create a thriving economic future.
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Minister for Jobs and Innovation, Senator Michaelia Cash today (June 21) announced $382,000 in funding for the Bega Valley Innovation Hub.
The hub is the result of a community effort to address the challenge of creating new jobs and opportunities for people in the region, bringing together the local government, regional businesses, the University of Wollongong Bega and UOW’s start-up accelerator and incubator iAccelerate.
The hub will be based at the UOW Bega campus where it will provide the space and access to iAccelerate’s education and support programs to help local people grow ideas into viable businesses.
It will enable local people access to the same level of support available in metropolitan regions, including iAccelerate’s $10-million seed fund through venture-capital partners Artesian and other funding networks.
To drive regional innovation, it will host outreach programs, such as high school start-up camps, education events to help local businesses understand how an innovation support system works and training workshops to help business adopt new technologies and other business improvements.
The idea for a regional innovation hub was started through a local innovation taskforce, whose members included local business, Bega Valley Shire Council and UOW Bega.
Together they raised the seed capital needed to submit an application for a share of the funding through the $23million Incubator Support program, a key initiative of the National Innovation and Science Agenda.
iAccelerate CEO Omar Khalifa said providing local people, particularly youth, with opportunities available elsewhere was a key driver of the hub.
“The Bega Valley and surrounding region is no stranger to enterprise and with a rich history in agriculture, commercial fishing and of course, the iconic Bega Cheese brand,” he said.
“Yet, isolation and a lack of local employment opportunities means many young people leave the region.
“Until now it has also been difficult to access the guidance, funding and services required to start their own companies.
“Importantly is it home to an engaged group of passionate business owners and a local community that is eager to create their own future.
“We’ll use the well proven methodology from iAccelerate and tailor it to local needs and conditions, working with the community to foster a spirit of innovation that leads to economic opportunities in the region.”