Commercialisation Australia initiative unveiled
On 21 October 2009 the Government unveiled details of the $196 million Commercialisation Australia initiative designed to fill the gap left from the axing of the Commercial Ready Scheme in 2008.
Commercialisation Australia will begin operating in 2010 and involves a multi-tiered approach to assist inventors, innovative firms, researchers and entrepreneurs to rework their ideas into successful commercial projects. Participants will receive specialist advice and services from CEOs and industry mentors and successful applicants will be awarded up to $250,000 for proof of concept activities and repayable funding of up to $2 million for early stage development and commercialisation activities.
Senator Kim Carr, Minister for Innovation, Industry, Science and research said: “The radical new program for commercialising research will take a completely new approach to innovation assistance. It will tailor assistance to applicants’ needs, not fit the applicant to the program”
“Commercialisation Australia is specifically designed to boost early stage commercialisation by leveraging private sector capital and expertise” Senator Carr also called for expressions of interest for board membership of CA, volunteer mentors and case managers.
The CA program affords some relief to struggling inventors, innovative firms, researchers and entrepreneurs but the $196.1 million over four years and $86 million each year thereafter falls well short of the funding allocated for the program’s predecessor Commercial Ready with its budget of $1 billion.