$20M to drive innovation for Australian food and beverage manufacturing sector
Australia’s Food and Beverage Accelerator (FaBA) is seeking new partners and projects with strong ‘innovation potential’ to boost Australia’s food and beverage manufacturing sector following the launch of its $20 million second funding round.
“There’s a key opportunity for Australia to grow its sovereign manufacturing onshore, so that we’re exporting more and more highly attractive consumer value-added food,” FaBA Founding Director Chris Downs said.
The food and beverage industry, which generates more than $132 billion in annual revenue, 32% of all manufacturing revenue, and more than 270,000 jobs, is Australia’s largest manufacturing sector. However, growAG said the emergence of COVID-19, escalating climatic volatility, and geopolitical unrest had highlighted the need for more resilient and creative food systems.
The launch of the FaBA’s $20 million second investment round presents a fantastic opportunity for forward-thinking startups, SMEs, or large companies with cutting-edge technologies that can provide “really clear benefits” to Australia’s food and beverage manufacturing sector.
Submission of Expression of Interest will close on 22 September, followed by competitive evaluation before an investment committee, with successful projects contacted by the end of 2023. International enterprises will also be considered if there is clear proof of value to Australia’s food and beverage sector.
FaBA’s $160 million fund is designed to propel Australia’s food and beverage industry into a dynamic period of development and transformation. FaBA is hosted by The University of Queensland (UQ) with research partners the Queensland University of Technology (QUT), University of Southern Queensland (UniSQ), and UniQuest. It was established under the Australian Government Department of Education’s Trailblazer Universities Program to increase the commercialisation of university research with industry.
“We want to do science at startup speed with industry and we consider ourselves as formidable in the way that FaBA invests and achieves impact through accelerated commercialisation. Our aim is to be fast, future-focused, and solve industry’s future challenges,” Downs said.
FaBA’s goal is to contribute to double the value of Australia’s food and beverage manufacturing sector by 2035 by focusing on smart manufacturing and novel ingredients, developing innovative foods and beverages, and creating thousands of new jobs.
According to Downs, this strategy is firmly aligned with the national interest, harnessing ample raw resources from the agriculture sector and transforming them into creative, sustainable, and reliable products.
“Our success is measured by new food products in the marketplace, new beverage products, new ingredients, and new skills that are developed both in the university sector, but especially with industry,” he said.
Co-investment partnerships are formed by FaBA, industry, and the applicant, with specialised approaches adapted to each project, lasting from months to years, building a broad portfolio compatible with FaBA’s objectives.
Participants will also have access to a plethora of expertise, resources, insights, and training through FaBA’s training centre, as well as the opportunity to interact with university researchers in university labs or industrial settings on projects requiring innovative formulations or product development.
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