Commercialisation Australia – Assistance for Australian business
Commercialisation Australia is an initiative that was announced as part of the 2009-10 Federal Budget. It was designed to overhaul the way the Australian Government assists innovative ideas in getting to market with a focus on business.
The program has initial funding of close to $200m through to 2013 with on-going annual support each year thereafter.
Eligible businesses can access a suite of tailored assistance measures including:
- Skills and Knowledge
Providing up to $50,000 for specialist advice and services aimed at innovators who know their idea is viable but are unsure of what to do next. Applicants need to match the grant 80:20, with the applicant funding 20 per cent.
- Experienced Executives
Providing funding for up to $100,000 per year for two years to assist small business engage executive staff with appropriate management skills and experience that the business owner may need. Funding for this component needs to be matched by the applicant 50:50.
- Proof of Concept Grants
Funding from $50,000 to $250,000, matched 50:50 by the applicant, to test the business model or idea’s commercial viability. The support is provided with the requirement that this testing is completed within 12 months.
- Early Stage Commercialisation
Providing an applicant with between $250,000 and $2m to undertake activities focused on enabling a new product, idea or service to be developed such that it can be taken to the market. The grant needs to be matched 50:50 by the applicant and is repayable on the success of the commercialisation project
The assistance measures are not exclusive and applicants can apply for any or all at varying stages throughout their business and product life cycle.
As noted above, the Government has placed an emphasis on encouraging responsibility and participation throughout the process and underpins the program with support and mentoring. The application process is based on merit with eligibility criteria applicable.
Your Chartered Accountant can support you through the application process and will assist you with some of the eligibility criteria. For more detailed information and fact sheets contact your Chartered Accountant or visit www.commercialisationaustralia.gov.au
