Business start-ups set to benefit from new govt program
Business start-ups and commercial spin-offs from public research are set to benefit from the new Commercial Ready Plus program, Australian Industry Minister, Ian Macfarlane, has said.
The 10-year $90.3 million program, announced as part of the Australian Government's Industry Statement, is open for funding applications to help turn Australian innovations into successful commercial products.
"Applicants will not need to be an incorporated company until the stage of signing the grant contract, and the application process has been simplified to reduce the costs involved and provide faster access to funding," Macfarlane said.
"This is an important difference to the existing successful Commercial Ready program, and will mean micro businesses and commercial spin-offs from public research can apply.
"Commercial Ready Plus will provide matching grants of between $50,000 and $250,000 for research and development, proof-of-concept and early-stage commercialisation.
"More than 90 per cent of Australian firms are small businesses and Commercial Ready Plus will provide them with the opportunity to access smaller grants as well as strengthen links between research and business," Macfarlane said.
Macfarlane said Commercial Ready Plus will support the needs of emerging businesses by providing greater flexibility in allowing investment in entrepreneurial skills training as eligible expenses.
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