From 1 November there will be an opportunity for established or emerging businesses to seek financial support of up to $250,000 in the pursuit of commercialisation of an idea, including the development of an intellectual property protection strategy.
The opportunity arises under the third stream of the Entrepreneurs’ Infrastructure Programme, a $484.2 million Federal Government initiative announced in the 2014-15 Budget which aims to support Australian business.
The first two phases of the Programme have already opened – Business Management (1 July) and Research Connections (1 September). These two streams are aimed at supporting established businesses to grow, however the third ‘Commercialising Ideas’ stream emphasises support for start up businesses, or established business with a completely new idea.
Under this third stream, matched funding of up to $250,000 will be available to assist businesses to progress the commercialisation of their new idea. This can mean activities to support the development of a business or commercialisation plan or an intellectual property protection strategy, or proof of concept work to establish the commercial viability of a new product or service, including prototyping, over a two year period.
Projects eligible to apply for funding “must involve the development a new product, process or service with a compelling value proposition and a significant market opportunity.”
This Programme, which includes a range of other services, complements other Government programmes that provide support to business including the R&D Tax Incentive, Industry Skills Fund, Industry Growth Funds and the Manufacturing Transition Fund.
Grant funding through this stream will be allocated on a competitive basis and applicants will need to additionally demonstrate:
- A need for Government funding
- A significant market opportunity for the outcomes of the project
- A compelling value proposition for a new product, process or service
- A sound execution plan
- Appropriate management capability
- Significant national benefits resulting from the project, and
- An ability to at least match the Government funding.