$20m funding to boost innovation in food and beverage sector

Food and beverage manufacturers are being encouraged to apply to share in $20 million to develop their ideas for products and ingredients in the second investment round offered by Australia’s Food and Beverage Accelerator (FaBA), which is opening on Monday, 14 August 2023.

Hosted by The University of Queensland, FaBA is part of the federal government’s Trailblazer program and brings together research teams to work with industry across Australia to develop premium products and ingredients, and train the next generation of industry leaders.

FaBA Director Dr Chris Downs said the investment round would enable businesses 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,” Downs said.

“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.

“The second investment round represents an incredible opportunity for new participants and projects to access all that FaBA has to offer.”

Participants will join All G Foods, Gelita, Nourish Ingredients, Eden Brew and v2food, who joined FaBA in the first investment round to undertake research and development.

FaBA Commercialisation and Business Development Manager Lloyd Thomson said the Trailblazer provided access to leading food and beverage researchers at FaBA’s university partners 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,” Thomson said.

“The last three years have brought into sharp focus the importance of strong supply chains, sustainable and nutritious foods, and meeting changing consumer preferences.

“FaBA has skills and expertise across business, engineering, systems biology, food science and commercialisation to support innovation and enduring partnerships.”

FaBA is supported by the Australian Government Department of Education 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.

Expressions of interest for this round of investment are open from 14 August until 22 September 2023.

To find out more information: register to join the FaBA webinar on 14 August 2023 or visit faba.au/partner-with-us/second-investment-round/.

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