Commercialisation Australia, the Government’s primary source of assistance for businesses transforming their ideas into commercial realities, has announced that it will grant over $2.2 million to the eleven new projects. This follows the $9.6 million in funding announced in April.
The funding will support the modernisation of the Australian economy by increasing our focus on entrepreneurship, says Innovation Minister Senator Kim Carr.
“Increasing our focus on innovation, knowledge-based industries, and new business growth is the key to renewing and growing the Australian economy,” Senator Carr said.
“Commercialisation Australia helps bridge the gap between promising ideas and a commercially viable business, which will provide jobs, skills and prosperity,” Senator Carr added.
In addition to Commonwealth funding, successful applicants will receive the support of a case manager who will offer hands-on advice and assistance to participants throughout the whole life of the project. Case managers will also provide connections to volunteer business mentors, who have direct experience of bringing new ideas to market and will provide helpful input based on specialist knowledge.
The funding will support a range of innovations from around Australia, including a new livestock management system, a faster and more accurate sepsis diagnosis test, and an innovative joining system for the manufacturing, building materials and construction industries.