Govt announces $196m fund for Aussie innovators

The Federal Government is preparing to launch a $196m program to help Australian innovators bring their ideas to market.

Dubbed 'Commercialisation Australia', the merit-based, competitive assistance program offers between $50,000 to $250,000 to test the commercial viability of a new product, process or service.

It also offers up to $250,000 over two years to assist with staffing costs, and repayable grants of $250,000 to $2 million for product development.

Each successful applicant also will be assigned a case manager to guide them through the commercialisation process and facilitate access to experienced volunteer mentors.

The program was announced on 21 December and is expected to receive applications from early January.

"Commercialisation Australia is about working in partnership with our skilled innovators to develop new technologies and support high-wage, high-skill jobs," said Senator Kim Carr, Minister for Innovation, Industry, Science and Research.

"I encourage all researchers, entrepreneurs and innovative firms to visit the website and get thinking about how this $196 million initiative could help turn their ideas into successful products and services."

Detailed information, including eligibility criteria, is available at http://www.commercialisationaustralia.gov.au/ or on the Commercialisation Australia Hotline: 13 22 56.