Innovative food and beverage manufacturers are being encouraged to submit their interest in the next Food and Beverage Accelerator (FaBA) investment round, part of the federal government’s Trailblazer program.
FaBA, which aims to deliver ‘science at start-up speed’ is hosted by the University of Queensland (UQ), and its next round of investment will see manufacturers sharing in $20 million to develop their innovative product or ingredient ideas.
FaBA director, Chris Downs, said the program offers businesses the chance to collaborate with researchers on ingredient and product development, sensory and consumer sciences, business insights and marketing.
“We’re encouraging food and beverage manufacturers around the country to partner with us and share in dollar matched investment to turn their business ideas into reality,” he said.
The program’s university partners are UQ, QUT 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,” said FaBA commercialisation and business development manager, Lloyd Thomson.
A number of alternative protein businesses took part in FaBA’s first round of investment, including All G Foods, Nourish Ingredients, Eden Brew and v2food.
FaBA has secured $50 million in federal investment, with an additional $110 million to be invested by industry and research participants.