Australian businesses to share in $6.6M to launch products into global markets

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Melbourne CBD
The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Reuters/David Gray

Up to 11 Australian businesses will share in $6.6 million in government grants under the Accelerating Commercialisation element of the Government’s Entrepreneurs’ Programme. The funding would help businesses launch their products, processes and services here and into global markets.

In a media release, Minister for Industry, Innovation and Science Arthur Sinodinos said he was delighted to announce the funding. According to business.gov.au, Accelerating Commercialisation provides grants to assist businesses and commercialise their novel products, processes and services. Businesses reportedly need to dollar match the grant funding.

Recipients will utilise the funding for commercialisation activities to prove the viability of their products, processes or services. It would also help prepare them for the global market.

Accelerating Commercialisation advisers will assists the recipients in navigating the challenging stage of product development. The latest round of funding will assist a Melbourne business, a Perth company and a business in regional Queensland.

The Melbourne business will be assisted in marketing its world-first, fully recyclable suite of packaging containers for transporting temperature-sensitive products. The Perth company, on the other hand, will be assisted in commercialising its automated motor vehicle crash alert device, as it is designed to save lives globally. Finally, the latest round of funding will assist a regional Queensland business in commercialising its chilled baby food range for Australian export markets and retail.

How to apply for Accelerating Commercialisation Grant or Portfolio Services

Those who wish to apply for an Accelerating Commercialisation Grant or Portfolio Services must have received Commercialisation Guidance. The initial step is for applicants to lodge an Accelerating Commercialisation Expression of Interest (EOI) form. It is available online at business.gov.au.

Applicants can expect to receive feedback on their Expression of Interest by an AusIndustry Customer Service Manager. Applicants may then be referred to other government assistance programmes or be assigned to a Commercialisation Adviser if appropriate.

Larry Lopez, Accelerating Commercialisation director, said it was great to see that the programme continues to support entrepreneurs, researchers and businesses in finding the right commercialisation solutions. “To date under the programme, 253 successful commercialisation grants worth $128.6 million have been awarded to innovative businesses across the country,” he said.

“These grants are supporting projects across a wide range of industry sectors, and with Australian Government support many of the projects are already achieving success in global markets,” Lopez added. Accelerating Commercialisation offers services and grants to successful applicants. These include commercialisation guidance, accelerating commercialisation grants and portfolio services.

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