Grant opportunity: Accelerating Commercialisation Programme
The Commonwealth Government has released its new Accelerating Commercialisation Programme. The grant is the final instalment of the Entrepreneurs Infrastructure Programme and is designed to support and provide funding for the commercialisation of new products.
This is a significant grant programme, targeting companies in the pre-commercialisation stage. While it comes with many bureaucratic strings, the maximum grant is 50% of eligible costs up to $1 million over two years, and up to $250,000 for commercialisation arms of publicly funded or other research organisations.
What is the policy rationale?
The Government is trying to support the funding chasm that often exists for early stage companies seeking to commercialise their good ideas that may struggle to attract private equity or venture capital. The programme targets assistance up until first sales.
The Government has poured money in this direction before with some success, but without the ability to strengthen the private capital market or to scale assistance across enough entities to close this gap and prevent ideas migrating offshore.
This programme offers access to grant funding and to commercialisation expertise and networks in the same way that Commercialisation Australia did.
Who is eligible?
- Australian companies with a group turnover of less than $20 million in each of the preceding three financial years.
- Commercialisation Offices (CO) of publicly funded research organisations (e.g. universities or hospitals), or CO within another research entity.
A CO is a company whose primary purpose is to help researchers commercialise their intellectual property and the CO itself must have turnover of less than $20 million.
Applicants must have a novel product or service to commercialise outside of their home state, and be entitled to exploit the IP in relation to the product. They can also apply for grant funding and support, or just support. Grant funding applicants must be able to fund at least 50% of their commercialisation costs.
- Advanced Manufacturing;
- Food and Agribusiness;
- Medical Technologies and Pharmaceuticals;
- Mining Equipment, Technology and Services;
- Oil, Gas and Energy Resources; and
- Enabling Technologies and Services of the sectors listed above.
Applications outside these sectors will be considered on a merit basis
What projects are eligible?
Eligible activities are widely defined to include:
- Completing product development;
- Proving commercial viability (via prototypes or pilots);
- Making the first sales; or
- Moving towards commercialisation by hiring an experienced executive.
Ineligible activities include scale production and/or marketing activities in markets where you have already made your first sales of the novel product, process or service.
Maximise your project's chance of success
- Clarify the market opportunity
- Ensure your project has a compelling value proposition
- Implement a sound strategy and achievable path to market
- If seeking grant funding demonstrate that you are not able to raise the funding needed for commercialisation
Are you looking for support to help you understand how to structure, fund or progress your commercialisation efforts to optimise their cash flow runway, tax position and future growth?
Contact our Innovation and R&D specialist, Jeremy Pooley, or any of our locations around Australia.