Monash Council built the centre using $4.75 million of Federal Government funding from the Regional Development Australia Fund. The State Government also provided $245,000 towards the project from its $50 million Living Victoria Fund.
Former Monash Mayor Geoff Lake said the centre would help small businesses develop their products and grow their businesses. Eastern Innovation is expected to create 100 extra jobs in small businesses within the first 16 months of operation. More than 100 jobs were generated during the construction phase of the project.
"Start-up and micro businesses will be offered ongoing support through expert mentoring, training and education, and there will be the opportunity for collaborative projects," Cr Lake said.
"These businesses will benefit from being in the heart of Melbourne's hi-tech scientific zone, near CSIRO, Monash University and the National Synchrotron, to name a few local organisations.
"Small businesses are the backbone of our economy but research shows that 59% of small businesses fail in their first three years. That's why this centre will be of so much benefit to the businesses themselves and the local economy."
The centre is open 24/7 with different types of working environments to suit all small businesses. Laboratories, 25 hot desks, collaborative areas and private office spaces, as well as meeting spaces and printing & reception facilities, will be available.
The centre features many environmentally sustainable features including an outdoor space with a vertical plant wall, grey water recycling, rain water harvesting and bio-filtration ponds.
It will act as a business incubator for all types of businesses particularly science, technology and research-based businesses.