New Government funding body announced for supporting proof of concept and early stage commercialisation activities
The Federal Government has announced it will establish Commercialisation Australia in January 2010, to provide assistance to researchers, entrepreneurs and innovative companies to take their ideas to market.
Commercialisation Australia, previously known as the Commonwealth Commercialisation Institute, will receive $196.1 million in funding over the next four years and ongoing funding of $82 million a year after that.
Public sector research organisations, individuals and private enterprises will be eligible for grants and will be assessed through a competitive, merit based selection process. Commercialisation Australia will commence accepting applications early in 2010.
Funding will be granted in a staged process, where applicants can receive funding for proof of concept and then additional funding once they are certain their idea will work.
- Proof of Concept grants of $250,000 will be available for activities to assist with testing the technical and/or commercial viability of the business model or idea for a product, process or service.
- Early Stage Commercialisation grants of between $250,000 and $2 million will provide funding to support activities focused on enabling a new product, process or service to be developed to the stage where it can be taken to market. These grants will be repayable on the success of the project.
The new scheme is designed to provide a more tailored approach to innovation assistance, with successful applicants being allocated a Case Manager to guide them through the commercialisation process for the duration of their involvement with Commercialisation Australia.
As part of the program, Commercialisation Australia will deliver specialist advice and services to help successful applicants develop the skills, knowledge and networks to successfully commercialise their ideas and appoint a number of voluntary business mentors to assist companies.
The scheme fills a gap in funding for early stage commercialisation projects, left when the previous Commercial Ready program was cut in the 2008 Federal Budget.
Applications for the new program will not be accepted until at least January 2010, after the guidelines and application process have been issued by Commercialisation Australia.
We recommend that potential applicants start thinking about their future projects with respect to:
- How much is the project expected to cost.
- The technical requirements associated with the project.
- The general business case for the project.
For more information please contact Marc Peskett or Brendan Brown by calling our office on 03 9869 5900 or email us for more information.