From today Australian entrepreneurs will not have to repay Early Stage Commercialisation grants for businesses developing a new product, process, or service. Additionally, the annual turnover limit for applicants will rise from $20 million to $50 million and access to skilled managers now have the option to apply for an Experienced Executives grant of up to $350,000 – previously $200,000.
The government has foreshadowed further improvements to the scheme from early 2012 to support innovation in the manufacturing sector. 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.
Almost 180 innovators have already benefited from grants of $71.7 million from Commercialisation Australia, as well as expert advice from experienced case managers, to help turn their inventions into marketable products and services.