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New, simpler assistance package for commercialising technology

The Australian Government will introduce a new form of assistance called Commercialisation Australia which is designed to help companies seeking to take their ideas to market from early January 2010.

The grant, which supersedes the Commercialising Emerging Technologies (COMET) program, is designed to help Australian industrial businesses — including process control, automation and instrumentation — to commercialise their ideas and become more competitive on a global scale.

According to the minister for innovation, industry, science and research, Senator Kim Carr, Government assistance for commercialising Australian innovation will be simplified through Commercialisation Australia.

“Commercialisation Australia will open early in 2010 and ensure assistance is adjusted to meet each applicant’s needs rather than trying to make their application fit the program,” he said.

“This is a radical new approach to government commercialisation assistance through a single program, Commercialisation Australia.

“Case managers will guide applicants through commercialisation, helping them to build their skills and knowledge and, depending on their needs, link them to volunteer business mentors and specialist advice.”

Applicants at the proof of concept stage may be eligible for funding of up to $250,000 and additional, repayable assistance of up to $2 million will be available for early stage commercialisation activities.

As Commercialisation Australia comes into operation, the services and assistance it offers will supersede those currently available under the COMET program.

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