On Wednesday 21 October 2009, the Government announced details of its $196m Commercialisation Australia initiative. Commercialisation Australia (previously known as the Commonwealth Commercialisation Institute) will open in 2010 and provide tailored assistance to those wanting to commercialise their ideas.
Successful applicants will be given access to specialist advice and services. In some instances, funding of up to $250,000 for proof of concept activities, and repayable funding of up to $2m for early stage commercialisation activities, will be available. Successful applicants will also be assigned a case manager whose role will include “linking the successful applicant with a group of volunteer mentors”.
Senator Kim Carr, Minister for Innovation, Science, Industry and Research, has commented that this “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.”
Further information on Commercialisation Australia can be found here.