The grants available under the COMET Grant Scheme ended on 31 December, 2009 and were superseded by "Proof of Concept Grants" from 4 January, 2010. The new scheme is said to be a simpler form of assistance to companies seeking to take their ideas to market.

A Proof of Concept Grant provides funding of between $50,000 and $250,000 over a 12 months period to fund expenditure incurred to establish the commercial viability of a new product, process or service. The applicant is required to match the funding provided by the Grant on a 50:50 basis.

The types of expenditure which are eligible are labour expenditure, contract expenditure, plant expenditure, prototype expenditure and intellectual property protection expenditure. Applications for the Grant are made to Commercialisation Australia and further information is available from the website at www.commercialisationaustralia.gov.au.

Importantly, projects which predominantly consist of early stage investigation and conceptual development will not be eligible for the Grant.