Objective:
- Support businesses in establishing the commercial viability of innovative products, processes, or services.
- Facilitate steps from feasibility and proof-of-concept through to prototyping.
- Enhance commercialisation capabilities and improve investment attraction potential.
Target Beneficiaries:
- Small and Medium Enterprises (SMEs) with an Australian Business Number (ABN).
- Entities must be non-income-tax-exempt and registered for GST.
- Eligible entities include Australian-incorporated companies, co-operatives, or incorporated trustees applying on behalf of a trust.
- Must have a combined annual turnover of less than $20 million for each of the three financial years prior to application.
- Must have received a report through the program’s Advisory Service.
- Must own or have access to necessary Intellectual Property (IP) and exclusive rights to commercialise any IP generated.
- Must demonstrate ability to fund their share of project expenditure with supporting evidence and accountant declaration.
Grant Details:
- Grants range from AUD 50,000 to AUD 250,000.
- Funding supports projects that:
- Improve commercialisation capabilities.
- Develop innovative products/processes/services (e.g., prototypes, early testing).
- Enhance capability to seek and attract investment.
Application Process:
- Applications are ongoing and non-competitive.
- Apply via the business.gov.au portal: https://portal.business.gov.au/
- Applicants must provide evidence of funding capability and meet eligibility criteria.
- Support and advice available via phone (13 28 46), email (enquiries@industry.gov.au), and web chat.
Key Features:
- Focus on early-stage commercialisation activities.
- Encourages innovation development and market readiness.
- Provides financial support to reduce commercialisation risks.
- Supports IP ownership and commercialisation rights.
- Open to a broad range of industries across all Australian states and territories.
This program aims to accelerate the journey from innovation concept to market-ready product or service by providing critical early-stage funding and support to Australian SMEs.
