Changes to Australian grant schemes
COMET grant scheme replaced
The Commonwealth Government’s COMET Grant Scheme ended on 31 December 2009. From 4 January 2010 it has been replaced with “Proof of Concept Grants”.
The new scheme is said to be a simpler form of assistance to companies seeking to take their ideas to market.
How do the new Proof of Concept grants work?
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. The types of expenditure which are eligible are labour expenditure, contract expenditure, plant expenditure, prototype expenditure and intellectual property protection expenditure.
Applications for the Grant are made to Commercialisation Australia and further information is available from the website at CommercialisationAustralia.gov.au.
Importantly, projects which predominantly consist of early stage investigation and conceptual development will not be eligible for the Grant.