Commercialisation Australia: are you eligible for funding?
Commercialisation Australia is a new initiative designed to take “a radically different approach to commercialising Australian research and ideas”. The initiative is delivered by the Department of Innovation, Industry, Science and Research and is now the primary source of Australian Government assistance for commercialisation.
The scheme is a merit based, competitive program that provides assistance in four different areas. Successful applicants are assigned a Case Manager and have access to Volunteer Business Mentors.
In summary the following assistance is available:
- Skills and Knowledge offers funding of up to $50,000 to purchase specialist advice and services. It is aimed at assist people new to commercialisation, for example, researchers, entrepreneurs and small companies to have access to specialist advice and services to build the skills, knowledge and connections required to commercialise new ideas. Examples include intellectual property management such as commissioning an IP landscape report, developing an IP protection strategy and developing or reviewing IP licensing agreements; market research and analysis; and business planning.
- Experienced Executives provides funding of up to $200,000 over two years (up to $100,000 per year) to assist in the recruitment of experienced executives, for example, a Chief Executive Officer. The funding is designed to give small innovative firms and people new to business the experienced management skills they need (applicants need to match the grant funding on a 50:50 basis).
- Proof of Concept grants provide $50,000 to $250,000 to allow an applicant to test the commercial viability of a product, process or service (applicants need to match the grant funding on a 50:50 basis and complete the testing within 12 months).
- Early Stage Commercialisation offers repayable grants from $250,000 to $2 million for activities that develop a new product, process or service to the stage where it can be taken to market, for example, execution of an IP strategy; product development; testing and documentation; tooling-up for full scale production; establishment of quality control; market validation; establishment of management teams; and initiation of sales and marketing.
For more detailed information on the program go to: www.commercialisationaustralia.gov.au
For help in determining whether you may be eligible and information on how to apply for the support download the Customer Information Guide at: www.commercialisationaustralia.gov.au/Apply/Pages/CustomerInformationGuide.aspx