Key Points
- The Government has established Commercialisation Australia to assist researchers, entrepreneurs and innovative firms to convert their ideas into successful commercial ventures.
- Commercialisation Australia is the primary source of Australian Government assistance for commercialisation and will provide a holistic approach, structuring support around the key development stages for the firm in the commercialisation process.
- Commercialisation Australia will receive $196.1 million over the four years to 2013, with ongoing funding of $82 million a year thereafter.
- Commercialisation Australia offers an integrated suite of assistance measures tailored to the needs of each successful applicant:
- Skills and knowledge support will provide access to specialist advice and services to help build the skills, knowledge and connections required to commercialise new ideas. Funding of up to $50,000 will be available to pay for specialist services and up to $200,000 over two years to assist in the recruitment of experienced executives
- Proof of Concept grants will provide funding of up to $250,000 to assist with testing the commercial viability of the business model or idea for a product, process or service
- Early-stage commercialisation repayable grants of $250,000 to $2 million will support activities designed to develop a new product, process or service to the stage where it can be taken to market. Funding will be repayable on the success of the project.
- Each successful applicant will be assigned a Case Manager to guide them through the commercialisation process and to facilitate access to experienced business mentors and other support.
- Volunteer Business Mentors will assist successful applicants by offering the knowledge skills and insights needed to turn their ideas into a commercial reality, building on the support provided by Case Managers
- Commercialisation Australia accepts applications on a continuous basis, and applications are assessed through a competitive, merit based process.
- A Commercialisation Australia Board assist with the assessment of applications for Commercialisation Australia. Board members are equipped with the technical and commercial experience to assess and provide advice on the merit of applications.
- The program is available to innovative companies, researchers and individuals.
For further information about Commercialisation Australia, visit the website at www.commercialisationaustralia.gov.au. Alternatively, contact the Commercialisation Australia hotline on 13 22 56.