Accelerating commercialisation Australia
Posted by Simon Rowell on 2 December 2014
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The Australian government last week announced its final measure Accelerating Commercialisation as part of the Entrepreneur’s Infrastructure Programme (EIP). The government had announced its $482.2 million Entrepreneur’s Infrastructure Programme in May after it axed the previously existing Commercialisation Australia and Innovation Investment Fund for start-ups.
EIP was launched with the main objective to drive business growth and competitiveness through support for business improvement and promoting economic growth through research connections and commercialisation of novel products, processes and services.
Accelerating Commercialisation, one of the key offerings under EIP, aims to:
- Accelerate the commercialisation of novel intellectual property in the form of new products, processes and services
- Create new businesses based on novel intellectual property with high growth potential; and
- Generate greater commercial and economic returns from both public and private sector research; and
- facilitate investment to drive business growth and competitiveness.
It provides financial assistance in the form of matching grants of up to $1million, where applicants are required to match Accelerating Commercialisation funding for any project on at least a 50:50 basis. Other than the financial aid, successful applicants will also receive guidance from an expert commercialisation adviser along with an opportunity to access the expert network to help make important business connections and a chance for exposure to investors and multi-national corporations through domestic and international roadshows. For a project to be eligible for funding its needs to satisfy one of the following criteria:
- Complete development of a novel product, process or service; or
- Prove commercial viability of a novel product, process or service to a customer, investor or strategic partner; or
- Make the first sales of the novel product, process or service in Australia or overseas; or
- Drive the business towards commercialisation of its novel product, process or service in the marketplace by engaging an experienced executive.
Other than these criteria, the applicants must prove that they have exploited all efforts to fund the project through their own means but still have the means to fund their half of the project. In addition, there is a “National Benefits” merit criteria, whereby any applicant would be assessed on the extent that their project will target and/or participate in the growth sectors of:
- Advanced manufacturing
- Food and agribusiness
- Medical technologies and pharmaceuticals
- Mining equipment, technology and services
- Oil, gas and energy resources
- Enabling technologies that support the above five growth sectors
Applications are accepted for Accelerating Commercialisation on a continuous basis. One may apply at any time from programme launch. To apply, the applicant must complete and submit an Expression of Interest form. The EOI process is designed to help determine the eligibility for further support available under Accelerating Commercialisation.