The Gillard Government will share $8 million of funding between 19 innovative companies, to assist them to get their pioneering products into the market.
The funding is being granted under the Government’s Commercialisation Australia program, with Innovation Minister Kim Carr revealing her Government is working with innovators to turn research into real products that will deliver benefits to the community.
“This funding will help smart companies commercialise their products, delivering a wealth of benefits for Australians,” Carr said.
“For example, Signostics Limited will use the funding to commercialise its new hand-held ultrasound device with the hope of getting it into medical centres around the country. This device could alleviate the need for patients to travel long distances to hospitals for this type of procedure.”
The funding will also assist Metis Technologies to commercialise its pollution control system for power generation and other industrial processes – new technology that will help industries transform to meet the needs of a clean energy future.
Since applications opened in early 2010, Commercialisation Australia has awarded almost $58 million to 145 Australian companies, researchers and inventors.
Funding offers range from $50,000 to $2 million.
Program participants can access a national network of 22 Case Managers, many of whom have built their own businesses and operated at senior levels in start-up and early stage companies across all industry sectors.
“The rich source of market intelligence, networks and business experience grant recipients can access under Commercialisation Australia gives them a better chance of commercial success,” Carr added.
For more information on Commercialisation Australia, visit http://www.commercialisationaustralia.gov.au/