The BITS Incubator Program is part of a commitment by the Australian Government to build on Australia’s information technology strengths, with funding of $78m over four years to June 2004. The BITS Incubator Program supports business incubators that help entrepreneurs turn their technology and ideas into successful and competitive businesses.
The BITS Intelligent Island Program promotes employment growth and wealth creation in the Tasmanian economy by accelerating the growth of information and communications technology (ICT) industries. The Intelligent Island Incubator has been allocated $8m over the same time period as the BITS Incubators. Of nearly $85m in total funding for both Programs, almost $70m had been paid to the Incubators at 30 June 2003.