THE Federal Government’s $196 million Commercialisation Australia initiative will generate jobs and get Australian ideas to market, says Minister for Innovation, Industry, Science and Research Senator Kim Carr.
“Commercialisation Australia will open early in 2010 and will help researchers, entrepreneurs and innovative firms turn the best ideas into internationally competitive commercial realities, and create high-skill, high-wage jobs,” says Carr.
“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.”
Those who successfully apply for the initiative will have access to a case manager to guide them through the process, specialist advice, as well as support of up to $250,000 for proof-of-concept activities and repayable funding of up to $2 million for early stage commercialisation.
Commercialisation Australia was previously known as the Commonwealth Commercialisation Institute, developed in consultation with more than 250 stakeholders.