On 1 November 2014, AusIndustry commenced Accelerating Commercialisation, a key part of the Entrepreneurs’ Infrastructure Program.
Accelerating Commercialisation is designed to help entrepreneurs, researchers, inventors, start-ups, Commercialisation Offices and small and medium enterprises overcome the challenges associated with commercialising their new intellectual property. It provides support in the form of expert connections, portfolio membership and co-funded grants.
Approved applicants will receive grants to assist bringing new products, processes or services to market. The grants are capped at:
- $250,000 for Commercialisation Offices e.g. for commercialising university research
- $1,000,000 for all other businesses
The grants need to be matched on a 50:50 (dollar for dollar) basis.
Who is eligible?
To be eligible for funding, applicants must be one of the following:
- an Australian company, non-tax exempt and registered for GST, or
- a researcher applying through their university’s or research organisation’s Commercialisation Office.
Further, applicants must:
- have an annual turnover less than $20 million
- have a novel product, process or service to commercialise
- have ownership, access to, or beneficial use of any intellectual property necessary to carry out the eligible project and
- be able to demonstrate the ability to fund at least 50% of your project cost
What project is eligible?
An eligible project must aim at achieving at least one of the following:
- completing development of a novel product, process or service; or
- proving commercial viability of a novel product, process or service to a customer, investor or strategic partner; or
- making the first sales of the novel product, process or service in Australia or overseas, or
- driving the business towards commercialisation of its novel product, process or service in the marketplace by engaging an experienced executive e.g. a CEO.
Importantly, applicants must clearly demonstrate a need for funding. It also needs to be possible to complete the eligible project within 2 years.
How to apply?
Businesses need to submit an initial Expression of Interest to a Commercialisation Advisor of the Accelerating Commercialisation program.
The Commercialisation Advisor will provide feedback on potential merit and eligibility. Based on this feedback, the applicant can decide whether to proceed to a full application. All full applications are considered by a single, national Advisory Committee.
When to apply?
Applications for funding under Accelerating Commercialisation are open on a continuous basis and are considered by the Advisory Committee every 6 to 8 weeks.
What are the benefits to businesses?
Through the Accelerating Commercialisation program, businesses can get funding for early stage commercialisation of their new intellectual property. Such injection of funds could make a real difference to get a project up and running. Many expenses such as labour, plant, prototyping, could become subsidised. Claimable expenses include Australian and overseas Intellectual Property (IP) application and prosecution costs. IP litigation costs, however, are not claimable.
Access to experienced industry experts and participating in promotional activities could open doors which would otherwise be beyond reach. Through the expert network, it may become possible to find entry to foreign markets, collaborative opportunities, and just those vital connections which are necessary for commercialising. By participating in the portfolio, local and international roadshows, businesses could get exposure to multi-national corporations and investors.