Commercialisation grants receive overhaul

Commercialisation Australia announced yesterday it has removed the requirement that Early Stage Commercialisation grants need to be repaid, removing a financial and administrative burden from companies hoping to secure the grants.

The grants will also be open to businesses with larger turnover, with the cap rising from $20 million to $50 million.

The Early Stage Commercialisation grants are open to companies bringing a new product, process or service to market, and offer between $50,000 and $2 million, with the company matching dollar for dollar the grant’s contribution.

Another change was to the Experienced Executive grant, which aids in the hiring and retention of executives, with the grant cap increased from $200,000 to $350,000.

Almost 180 businesses have already received grants of $71.7 million from Commercialisation Australia, as well as advice to help turn their inventions into marketable products and services.

The Minister for Innovation Senator Kim Carr also announced that the Government intends to introduce more improvements to support innovation in the manufacturing sector in early 2012, and the eligible expenditure guidelines for Early Stage Commercialisation grants will be amended to provide broader support for the development of pilot manufacturing plants and innovative manufacturing facilities.