$23.4m investment in projects for accelerating commercialisation
Eighteen Australian companies will receive grants to propel their innovative ideas from the drawing board into the marketplace under the Australian Government's Accelerating Commercialisation programme.
Industry and Science Minister Ian Macfarlane said the first round of $10.6 million in funding under the Accelerating Commercialisation element of the Australian Government's $484.2 million Entrepreneurs' Infrastructure Programme would be backed by business investment in new opportunities and new jobs.
"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," Macfarlane said.
"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."
Macfarlane said projects 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; and
- Manufacturing scale up of a scratch-resistant acrylic glass.
"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," 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."
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