Australia Sets $10M Investment For New Accelerating Commercialisation Projects For Business Innovation

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Australian Securities Exchange
An investor sits in front of boards displaying stock prices at the Australian Securities Exchange in central Sydney, Australia, July 8, 2015. Australian shares fell two percent on Wednesday amid concerns about an equity rout in China and fresh doubts that Greece can reach a bailout deal with Europe. A weaker dollar and slump in the iron ore price also contributed to the downward pressure, with the S&P/ASX 200 index ending 111.9 points lower at 5,469.5 points at the close of trade. Reuters

Industry and Science Minister Ian Macfarlane announced on Monday the 13 Australian companies that took its assistance offer under the government’s Entrepreneurs’ Programme to improve and promote their innovative ideas into the local and international marketplace. The companies, according to the minister, will have a total of $10.2 million for funding business commercialisation.

In a press release, Macfarlane said the federal government will be funding the original projects of the 13 individual businesses through the programme’s Accelerating Commercialisation element. The Industry and Science minister stated each business can choose its own project that will be funded with $5.1 million for development and commercialisation.

“This Accelerating Commercialisation funding will help thirteen Australian businesses to tackle the challenges they face in commercialising their innovative products and services,” Macfarlane said. The companies covered under the programme will be guided by the government into complete development through expert advice, experience and networks to attract investment and deliver new ideas for the global market.

The businesses will be adding another $5.1 million in government investment, leading to total project values of $10.2 million that will be divided among the 13 business units, Macfarlane stated. The Australian entrepreneurs, inventors, start-ups, commercialisation offices and small- and medium-businesses will benefit from the Accelerating Commercialisation funding for developing and commercialising their novel products, processes and services.

The minister further expressed that the programme aims to drive the country into global business growth and competitiveness by supporting business research and improvement. “Australia needs to turn great ideas into commercial products to keep up with the global economy, and these grants are additional to the eighteen Australian companies who have already received commercialisation assistance from the Entrepreneurs’ Programme,” he said.

The new projects came from a broad range of sectors operating with the facilities and services focused on the commercialisation of a solution to improve online security, biometric IT, child care centre business process and regulations, including wearable thermometer and a new breed of cloned hybrid ornamental eucalypts, Macfarlane stated.

However, according to Bulletpoint, a company providing assistance for government grants application, the said programme excludes projects focused on basic research or technical experiments, or R&D projects; development of a novel product, process or service that is not for multiple sales; and commercialisation of the next version of an existing product, process or service where update are just minor changes. But then, the programme indicated on its objectives that it will fund new business projects that are based on novel intellectual property with high-growth potential.

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