Whilst some say it is a re-gifted version of the old “Commercial Ready” and other grant systems axed by the Australian government in recent years, many product developers and innovators welcome the return of funding assistance to Australian industry.

Paraphrasing Andrew Spencer’s (from consulting firm GrantReady) interview with SmartCompany published on 14-1-2010, the new grant scheme provides funding for pre-commercialisation activities such as:

• Product development and design
• Testing and documentation development
• Tooling for production
• Set up of quality control / assurance systems
• Market validation
• Establishment of management teams
• Initiation of marketing and sales
• Execution of IP strategies

The Commercialisation Australia scheme is competitive and merit-based. Only compelling and thoroughly considered submissions are likely to receive funding support.

There are a range of eligibility criteria your organisation must (or plan to) meet in order to be awarded funding. These relate to your company’s non-tax exempt status, combined annual turnover, IP ownership, your internal funding capacity and various other workplace compliance requirements.

Successful submissions will address a range of key questions, including:

• Why do you need funding?
• What is your Commercialisation plan and what is its potential?
• What is the real market opportunity of your project?
• What is your management capability?
• How will this project provide national benefit to Australia?

Learn more about the Commercialisation Australia grant scheme here

Read full SmartCompany interview with Andrew Spencer (GrantReady) here