The minister for innovation, industry, science and research, Senator Kim Carr, has deemed the Commercialising Emerging Technologies (COMET) program a success and will continue to support the project.
After commissioning an evaluation from consultancy firm ACIL Tasman into the appropriateness, efficiency and effectiveness of the COMET program, Carr has said the results indicate that the program has been “very successful”.
COMET is a competitive, merit-based program that supports early-growth stage and spin-off companies to successfully commercialise their innovations by awarding grants of up to $120,000 (exclusive of GST) in two stages.
“The COMET program is an example of government and industry working in partnership to boost Australia’s innovation capacity and performance,” Carr said.
“The evaluation makes it clear that the COMET program has proved to be very successful in facilitating the commercialisation of innovative products services and processes.
“In particular, the practice of providing strategic and tailored support to early stage companies significantly enhances their chances of successfully converting new and innovative ideas into successful commercial outcomes.”
The review, released last week, recommended that the COMET program be expanded and continued for another five years. This recommendation will be considered by the Government.