Twelve Australian businesses have been selected by the Federal Government to receive a combined $5.4 million worth of grants to help them commercialise their innovations.
The Accelerating Commercialisation Grants, which provided under the Federal Government’s Entrepreneurs’ Programme, are available to businesses that have novel intellectual property with high growth potential. The aim to is to help recipients undertake commercialisation activities to bring new products, processes and services to market.
The recipient of the largest grant, worth $1 million, is Melbourne-based company 3RT Technologies, which has developed technology to convert low value plantation wood into quality hardwood. Other recipients from the latest round of Accelerating Commercialisation Grants include:
- a Melbourne company using smart home technology and artificial intelligence to improve aged care and support services for elderly individuals;
- a Brisbane company developing Bluetooth earbuds that provide better sound for use by the hearing impaired and the music industry;
- a Perth company working on a web-based analytics platform to optimise water and nutrient consumption for agricultural, horticultural and water utility sectors; and
- Melbourne’s RMIT university, which has developed interactive software for brain injury rehabilitation; and
Minister for Jobs and Innovation, Michaelia Cash, said the Accelerating Commercialisation Grants are helping more businesses to get their new products off the ground.
“Whether it’s invested in prototyping and design, product trials or exploring export market opportunities, we are helping more Australian businesses become innovation success stories,” she said.
“These grants are supporting projects across a wide range of industry sectors and many are already achieving success in global markets.”
Each of the grants offered by the Government is matched by industry funding.
For more information about how to apply for an Entrepreneurs’ Programme commercialisation grant go to business.gov.au/ep
More information on the grant recipients is available at business.gov.au/ac funding offers.