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Accelerating commercialisation outcomes in Australia

31 October 2014

Australian businesses and innovators will have access to the full suite of support streams to usher in a new wave of competitiveness and productivity growth under the Australian Government’s $484.2 million Entrepreneurs’ Infrastructure Programme.

Minister for Industry Ian Macfarlane today launched the final part of the package, the Accelerating Commercialisation stream, which is designed to enhance Australia’s ability to bring its best new products, processes and services to market.

“Australia has some of the best researchers, inventors and entrepreneurs in the world, but our track record of turning great ideas into commercial products is not as good as it could be, or as good as it should be if we are to keep pace in evolving global markets,” Mr Macfarlane said.

“Accelerating Commercialisation will help innovative Australian businesses to tackle the challenges they come up against in commercialising new ideas, by providing access to the expert advice, experience and networks crucial for attracting investment and getting new ideas into the marketplace.

“Accelerating Commercialisation will drive business growth and competitiveness and achieve nationwide economic benefits by helping to ensure that more of Australia’s wealth of intellectual property resource is effectively commercialised.

“Start-ups and entrepreneurs say that the biggest hurdle can be finding people with the right skills to help to get products market ready, or to successfully demonstrate the market potential of their ideas to investors.

“Accelerating Commercialisation ensures that experts and connections are available to help Australians find the right commercialisation solutions for their new product, process or service.”

Commercialisation Advisers will guide businesses through the commercialisation process.

Eligible commercialisation activities may also receive financial assistance in the form of a matching grant of up to $1 million.

The Entrepreneurs’ Infrastructure Programme is part of the Government’s new Industry Policy and works in conjunction with the Industry Innovation and Competiveness Agenda. An additional $60 million was also announced to co-fund commercialisation projects through the programme.

The Accelerating Commercialisation element will support entrepreneurs, start-ups and innovative businesses to create the technologies, jobs and industries of the future. It builds on the Business Management and Research Connections streams of the Entrepreneurs’ Infrastructure Programme.

The full programme provides a targeted and strategic approach to industry growth, by providing the support structure for Australian businesses to make an investment in their own futures and back their ideas and their ability to compete in global markets.

More information on the services under the Entrepreneurs’ Infrastructure Programme can be found at: www.business.gov.au/entrepreneurs-infrastructure-programme.

Information is also available through the Department of Industry’s Single Business Service, which can be contacted via phone on 13 28 46 or on the web at www.business.gov.au.

 

Media contact: Mr Macfarlane's Office 02 7277 7070