Key Points
- The Government has established Commercialisation Australia to assist researchers, entrepreneurs and innovative firms to convert their Intellectual Property (IP) 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 participant in the commercialisation process.
- Commercialisation Australia will receive $244 million over the four financial years to 2011 to 2014, 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 $50,000 to access specialist advice and services to help build the skills, knowledge and connections required to commercialise new IP;
- Experienced Executives provides funding up to $200,000 over two years to assist in the recruitment of experienced senior executives;
- Proof of Concept grants will provide funding of up to $250,000 to assist with testing the commercial viability of the new 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.
- Volunteer Business Mentors will assist successful participants 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.
- The members of the Commercialisation Australia Board were announced by the Innovation Minister on 9 February 2010. The Board assists with the assessment of applications for Commercialisation Australia. Board members are equipped with technical and commercial experience to assess and provide advice on the merit of applications.
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Mr Doron Ben-Meir was appointed CEO of Commercialisation Australia on 19 April 2010. Mr Ben-Meir has over 20 years’ first-hand experience in the venture capital market, building innovative companies, assisting early-stage entrepreneurs with developing their businesses, and supporting the efforts of innovators to commercialise their intellectual property.
For further information about Commercialisation Australia, visit the website. Alternatively, contact the Commercialisation Australia hotline on 13 22 56.
Facts and Figures
- The Commercialisation Australia Hotline has received over 2,300 calls, and the website has had over 46,000 visits.
- Number of Stage 1 Application Forms received is over 2,063.
- To date 32 offers of funding have been made, worth $11.9 million.