The Tasmanian Government is delivering on its commitment to creating jobs and growing the economy with the launch today of the $3 million Innovation and Investment Fund.

The Premier, Lara Giddings, and the Minister for Economic Development, David O'Byrne, today encouraged Tasmanian businesses and entrepreneurs to apply for funding under the program aimed at creating jobs around the State.

Ms Giddings said one-off project grants of up to $250,000 would be available through the fund, with the first round of applications closing on 31 August.

"The Tasmanian Government Innovation and Investment Fund was announced in this year's State Budget as one of a number of initiatives aimed at stimulating economic growth," Ms Giddings said.

"In a globally competitive environment, economic diversification and capitalising on Tasmania's natural advantages are the keys to our future along with identifying opportunities for growth.

"Through this fund, we are looking to foster new and innovative ideas that will help Tasmanian businesses and communities create jobs.

"The benefits of this type of partnership between Government and business speak for themselves.

"Through targeted investment in innovation around the State we have seen the creation of more than 660 new jobs and $56 million in private investment and, through this new program, we are looking to further build on that success." 

The Minister for Economic Development, David O'Byrne, said the fund was aimed at fulfilling the objectives of Tasmania's Economic Development Plan.

"Now more than ever, it's essential we play to our economic strengths and help our key industries grow into the future," he said.

"This fund has two key components - encouraging innovation in our existing businesses, and working to get new major private sector investments across the line.

"By encouraging innovation, we're helping our existing businesses become more competitive, and through our support for new private investment, we're sending a clear message to investors that Tasmania is an ideal place to do business."

For more information contact Business Point at the Department of Economic Development, Tourism and the Arts on 1800 440 026, email businesspoint@development.tas.gov.au or visit www.development.tas.gov.au/economic/business_point