The Australian Government’s new initiative to support commercialising innovation is up and running.
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Commercialisation Australia is a merit based, competitive assistance program that offers:
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- Skills and Knowledge support to help build the skills, knowledge and connections required to commercialise new ideas. This includes: Up to $50,000 to pay for specialist advice and services; Up to $200,000 over two years to assist with the recruitment of experienced executives
- Proof of Concept grants of $50,000 to $250,000 to test the commercial viability of a product, process or service
- Early Stage Commercialisation repayable grants of $250,000 to $2 million to develop a new product, process or service to the stage where it can be taken to market.
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Applicants must be one of the following:
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- A non tax-exempt company incorporated under the Corporations Act 2001
- A researcher applying through a university or Publicly Funded Research Agency (PFRA) commercialisation office
- An individual applying through an eligible partner entity
- An individual who agrees to form a non tax-exempt company incorporated under the Corporations Act 2001 if the application to Commercialisation Australia is successful.
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| A Board and CEO for Commercialisation Australia are still to be appointed. A number of the other resources are still to be put in place, but the Government has set an aggressive time-table and potential applicants have been advised to start applying. |
