Support for Australia's Innovators

7 Dec 11

Starting tomorrow Australian entrepreneurs will not have to repay Early Stage Commercialisation grants for businesses developing a new product, process, or service.

Plus, these grants will be available to more businesses, as the annual turnover limit for applicants will rise from $20 million to $50 million.

In addition, growing businesses that can benefit from access to skilled managers now have the option to apply for an Experienced Executives grant of up to $350,000 – up from $200,000.

Announcing significant changes to Commercialisation Australia’s grants, Innovation Minister Senator Kim Carr said they would give Australian inventions an even better chance of flourishing in the market place.

“Australia is a creative and vibrant nation, but too many of our inventions never see the light of day. We want to turn that around,” Senator Carr said.

“Commercialisation Australia has a strong track record in supporting Australian businesses to bring innovative products to market. These important changes will ensure it continues to address a growing need and deliver crucial practical assistance in these tough economic times.”

The changes will take effect from 7 December 2011.

Almost 180 innovators have already benefited from grants of $71.7 million from Commercialisation Australia, as well as expert advice from experienced case managers, to help turn their inventions into marketable products and services.

“I am also pleased to announce that from early 2012 we will introduce more improvements to support innovation in the manufacturing sector,” Senator Carr said.

The eligible expenditure guidelines for Early Stage Commercialisation grants will be amended to provide broader support for the development of pilot manufacturing plants and innovative manufacturing facilities.