Industry and Science Minister Ian Macfarlane announced that 18 Australian companies will receive $10.6 million in funding under Round 1 of the Accelerating Commercialisation element of the Australian Government’s $484.2 million Entrepreneurs’ Infrastructure Programme.
Accelerating Commercialisation is intended to help Australian entrepreneurs, inventors, start-ups, commercialisation offices and small and medium businesses address the challenges associated with commercialising novel intellectual property.
“These Accelerating Commercialisation investments will help eighteen innovative Australian businesses get their ideas to market. Importantly, the $10.6 million of Government funding is more than matched by investment from businesses themselves, leading to a total value for the projects of $23.4 million,” Mr Macfarlane said in a media release.
“Australia needs to turn great ideas into commercial products to keep up with global markets, and this investment will assist with that process across a range of sectors.”
Some of the projects that will be backed with Government funding include development of a 3D printer learning programme for primary school children; development of a state-of-the-art plant that produces hydrogen at a fraction of the cost of current methods; commercialisation of a device that tests strength and injury risk in hamstring muscles; manufacturing scale up of a scratch-resistant acrylic glass; building a state-of-the-art pilot manufacturing facility; building a fully automated steel fabrication system and so on.
“Accelerating Commercialisation will drive business growth and competitiveness and deliver nationwide economic benefits by helping to ensure that more of Australia’s wealth of intellectual property is effectively commercialised,” Mr Macfarlane said.
“Commercialisation Advisers guide businesses through the commercialisation process. Eligible businesses may also receive financial assistance in the form of a matching grant of up to $1 million.”