IP expenditure to be covered by new grant scheme
The reform of Australia’s laws on secured financing using personal property has taken another step with the introduction of the Personal Property Securities Bill (Consequential Amendments) Bill in Parliament on 21 October 2009. The Bill proposes a national set of rules on security interests in personal property with the aim to resolve a complicated, and sometimes inconsistent, set of Commonwealth, state and territory laws regulating the area.
The grants available under the COMET Grant Scheme ended on 31 December, 2009 and were superseded by “Proof of Concept Grants” from 4 January, 2010. The new scheme will cover Intellectual Property expenditure and is said to be a simpler form of assistance to companies seeking to take their ideas to market.
A Proof of Concept Grant provides funding of between $50,000 and $250,000 over a 12 months period to fund expenditure incurred to establish the commercial viability of a new product, process or service. The applicant is required to match the funding provided by the Grant on a 50:50 basis.
In addition to IP expenditure other types of expenditure covered by the new scheme include labour expenditure, contract expenditure, plant expenditure and prototype expenditure. Applications for the Grant are made to Commercialisation Australia and further information is available from the website at: www.commercialisationaustralia.gov.au.
Importantly, projects which predominantly consist of early stage investigation and conceptual development will not be eligible for the Grant.