What’s it all about?
There are many great innovations developed by individuals, small Australian companies and researchers in universities.
COMET facilitates these innovations reaching their commercial potential by providing the inventors with the knowledge and resources to exploit the opportunity.
In order to capitalise on these innovations, COMET provides innovators with advice, services and financial assistance to plan their commercialisation, to attract capital for their project and to establish strategic partnerships to take the innovation to market. Advice is provided through a network of private sector business advisers and financial assistance is available to subsidise access to service providers in marketing, commercialisation, intellectual property and business planning.
COMET was substantially expanded in 2004 when a further $100 million over seven years to June 2011 was provided to continue and expand the program.
A 2002 survey of firms assisted by COMET showed that the program was very successful in encouraging entrepreneurs and enabling firms to achieve their business goals. The network of business advisers is a unique and valuable feature of COMET, and leads to long-term and beneficial changes to firm behaviour.
Why do it?
The COMET program will:
- continue to support entrepreneurial firms to plan the commercialisation of their innovation. This means some 200 companies per annum can be supported with mentoring and commercialisation management advice;
- expand the network of private sector business advisers with commercialisation expertise by 30% so that COMET can reach a wider range of businesses, particularly in outer metropolitan and regional areas;
- in the seven years to July 2007, firms supported under COMET raised around $420 million in capital and over 1100 strategic alliances, licenses and other agreements to enable their businesses to grow; and
- have an increased focus on research from universities to enhance the taking of those ideas to commercial reality.
COMET assistance is targeted to small Australian firms who have high potential to grow rapidly through the production of innovative products, processes and services.
The regional offices of AusIndustry will ensure that businesses outside of the metropolitan area can access the program.
Inquiries
Tricia Berman
General Manager
Innovation Policy Branch
Department of Innovation, Industry, Science and Research
Telephone: (+61) 2 6213 7444
Email
www.innovation.gov.au