A Closer Look at the Accelerating Commercialisation Grant
Australia hit new milestones for capital venture investments last year, with businesses raising $1.23 billion in funding, according to KPMG. That’s more than seven times the amount raised in 2012 and 2013.
So if you have a novel idea that can disrupt the market, there’s no reason why lack of funding should hold you back. Aspiring Australian entrepreneurs, inventors, and researchers can apply for a number of small business grants to jumpstart their latest projects.
The Accelerating Commercialisation Grant
Secure up to $1 million when you successfully apply for this grant, which is aimed at startups and other for-profit organisations looking to commercialise novel products and services.
Over $10 million in funding was distributed among 16 small businesses in January 2019, allowing them to take ground-breaking products and processes to market.
Since its inception, 363 grants amounting to $181.2 million have been awarded to businesses.
Benefits include:
- A grant of up to 50% of eligible project-related expenditures to facilitate commercialisation of novel intellectual property
- Guidance from Commercialisation Advisers in meeting project objectives
- Access to the Expert Network via Commercialisation Advisers to help you make valuable business connections, raise capital, and expand to new markets
- Potential exposure to investors through roadshows
- Membership with the Portfolio of Australian Businesses
The support received will depend on whether you’re receiving grant assistance or Portfolio Services only.
Those receiving Accelerating Commercialisation grant assistance will work closely with Commercialisation Advisers who provide regular contact, follow-ups, and detailed guidance when time permits.
Those in the Portfolio category can expect to get facilitation, such as introductions to various Expert Network members, with Commecialisation Advisers serving as a sounding board instead of providing detailed guidance.
The Portfolio consists of grant participants, or businesses in the early stages of commercialisation, that have been brought together for increased visibility to investors, strategic corporations, and supply chains.
The Expert Network is made up of successful Australian entrepreneurs, investors, domain experts, and corporations with formidable experience in commercialisation, business management, business development, and capital markets. Members of the network will share their knowledge, insights, skills, and connections to help bring your product to market.
Accelerating Commercialisation Grant success stories
3RT Technologies received $1 million, the largest possible amount under the program, in 2018. Founded in 2010, the company spearheads technology that mimics the natural growth process of timber to convert locally sourced wood into high-value products on par with tropical hardwoods.
The Melbourne-based company runs the Innovation Centre in Adelaide and works with Flinders University researchers to integrate nanotechnology processes in the development of wood products.
Bangalow-based Hemp Foods Australia was awarded $589,337 in 2015. The funding went towards the purchase of new machinery and a processing plant to improve efficiencies in the production of hemp seed products.
Vantari VR, a doctor-led startup in Sydney, was recently offered $560,000 to develop its virtual reality anatomy teaching tool and cadaver technology for potential use in healthcare education and surgery planning.
Other companies that received Accelerating Commercialisation grants in July 2019 include:
- Victoria-based Spark Breweries and Technologies received $499,314 for its compact beer brewing machine prototype to be distributed to brewers, pubs, hotels, and retailers.
- Australian Capital Territory company Flex-G was awarded $200,000 to commercialise a coolant for electric and motorsports vehicles.
- South Wales startup Ubaryon will use $172,432 to develop and bring to market its metal separation technology, which offers environmental and economic advantages to end users.
Could you be next?
As you can imagine, the grant application process is highly competitive, with dozens of Australian businesses vying for exposure and financial assistance.
When applying for the Acceleration Commercialisation Grant, don’t forget that your submission must tell a compelling story, one that has defined objectives, and clearly states the benefits of your novel product to the Australian economy.
Because grant applications are a highly competitive and time-consuming process, it’s advisable to work with an experienced consultant that specializes in the range of business grants.
Pattens are here to assist you. Our team has expertise on the Acceleration Commercialisation Grant and many other government grants, giving you every advantage in the application process. Get in touch with us today.
