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$196m industry grant for commercialising research

A new $196 million Rudd Government program called Commercialisation Australia will aim to get Australian ideas to market and create more jobs from as early as 2010.

The new program will take a “completely new approach” to commercialising research, says the minster for innovation, industry, science and research, Senator Kim Carr.

“It will tailor assistance to applicants’ needs, not fit the applicant to the program,” he said.

“Commercialisation Australia will open early in 2010 and will help researchers, entrepreneurs and innovative firms turn the best ideas into internationally competitive commercial realities, and create high-skill, high-wage jobs.

“Commercialisation Australia is specifically designed to boost early stage commercialisation by leveraging private sector capital and expertise.”

According to Senator Carr, successful applicants will have access to:

• a case manager who will guide them through the commercialisation process and facilitate access to volunteer business mentors, including CEOs, and other support;

• specialist advice and services to build the skills, knowledge and linkages necessary to successfully commercialise their ideas, and

• support of up to $250,000 for proof of concept activities, and repayable funding of up to $2 million for early stage commercialisation activities.

“Commercialisation Australia (previously known as the Commonwealth Commercialisation Institute) was developed in consultation with over 250 stakeholders from the research community, enterprises, capital providers, service providers, government and members of the public,” Senator Carr said.

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