The fund, applications for which opened on August 4, will provide grants of between $300,000 and $700,000 to accelerator and incubator programs in regional NSW, Newcastle and Wollongong that will support entrepreneurs and start-ups in emerging sectors and future industries.

Deputy premier and Member for Bathurst Paul Toole said the funding will help "pipeline ideas come to life" in regional communities.

"We don't want people to believe that they have to live in metropolitan areas to be able to do start-ups. We want people to also know that in regional NSW they are getting the support that they need to be a part of these hubs and these innovations and these incubators that we're seeing," he said.

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Programs that provide new knowledge, skills, training, networking, investment opportunities and other benefits to regional areas have the best chance of receiving grants.

The goal of the fund is to grow business outside major cities.

Mr Toole pointed to the success of the Upstairs Startup Hub, which received financial support from the NSW Government and has since brought investors, entrepreneurs and innovators to Bathurst.

They are coming up with ideas, building businesses and creating employment in regional NSW.

"Importantly, they might start here, but then they go and create businesses in regional NSW. That drives employment, that helps to drive the local economy, and that's why funds like [the Accelerating Regional Innovation Fund] are critical," Mr Toole said.

Ashley Bland started his business, Constructive Energy, from Upstairs three and a half years ago.

That business, with some government support, has since grown to be a multi-million business involved in projects across the country and employing five people.

"It's quite easy to have an idea, and it's exciting to do a start-up. What is much more challenging is the keep going bit, get going and keeping going," Mr Bland said.

"And so Biz HQ, various state government services rolled out and really supported me on my journey."

He encouraged people in regional NSW to consider applying for the Accelerating Regional Innovation Fund to help get their own ideas off the ground.

Information about the fund can be found on the NSW Government's website.

Applications will close at 2pm on September 30, 2022.

Mr Toole said successful applicants will likely be announced within two months of applications closing.

He couldn't say whether or not the Accelerating Regional Innovation Fund would be an annual program, but said the NSW Government will continue to look at ways to support job creation across the state.

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