The Department of Industry has issued new guidelines for its Accelerating Commercialisation program.

Some observations from an initial reading of the guidelines are as follows:

  1. The maximum grant is $1m so based on a 50:50 funding, projects up to $2m can be considered.
  2. Your project must aim to commercialise novel intellectual property in the form of a novel product, process or service.
  3. The eligible projects must aim to achieve at least one of the following:
    1. Complete development of a novel product, process or service; or
    2. Prove commercial viability of a novel product, process or service to a customer, investor or strategic partner; or
    3. Make the first sales of the novel product, process or service in Australia or overseas; or
    4. Drive the business towards commercialisation of its novel product, process or service in the marketplace by engaging an Experienced Executive.
  4. Ineligible projects are those that:
    1. Have a focus on basic research or technical experiments without a high likelihood of a commercial transaction when completed.
    2. Scale production and/marketing activities in markets where you have already made your first sales of the novel product, process or service.
    3. Develop a novel product, process or service for internal use only.
    4. Commercialise the next version of an existing novel product, process or service where updates and changes are minor and therefore do not qualify as a novel product, process or service.
  5. The maximum annual salary for an Experienced Executive is $250,000. A project can be for a maximum of two years so potentially up to $500,000 can be claimed (half will be funded).
  6. Funding is available for “making first sales” meaning that you should be able to demonstrate, consistent with your value proposition, market acceptance of your novel product, process or service in your key markets.
  7. There are six merit criteria that you need to satisfy
    1. Need for Funding
    2. Market Opportunity
    3. Value Proposition
    4. Execution Plan
    5. Management Capacity
    6. National Benefits
  8. The first check is to assess your “Need for Funding” – you need to prove that you have exhausted all efforts to fund the project through your own means but still have the means to fund your half of the project.
  9. With the National Benefits merit criteria, you will assessed on the extent that your project will target and/or participate in the growth sectors of
    1. Advanced Manufacturing
    2. Food and Agribusiness
    3. Medical Technologies and Pharmaceuticals
    4. Mining Equipment, Technology and Services
    5. Oil, Gas and Energy Resources
    6. Enabling Technologies that support the above five growth sectors
  10. Finding First Sales would have been a better discription for this program!