The Federal Government joined consumers in a spending spree in late December.
In a pre-Christmas treat, the Rudd Government uncorked $196 million of funding, to be delivered through Commercialisation Australia (CA).While most of us were busy opening presents and welcoming in the New Year, this one gift remained for many to discover after returning to work!
Many gifts we receive over this holiday period are not always exactly what we were hoping for,but we won’t be putting this one out for the next hard rubbish collection. In the case of CA, we suggest that it’s a keeper. Besides, after waiting so long,most are desperate to access this funding.
In many ways, this Christmas offering looks and feels more like the recycled ‘gift you give again’ as a spiced up version of COMET meets Commercial Ready. And although it is missing some elements a lot of us were hoping for, exchange is not an option. The main issue may well be that it is not funded enough by the Federal Government.
Despite any initial disappointments you may have, we think it’s still worth your time unwrapping. The finer details you will discover in this process include:
- Funding applications can be submitted at any time and will be assessed monthly
- Matching funding is required
- Turnover restrictions are low ($10 million and $20 million)
- More commercialisation support is available through volunteer mentors and case managers
Interestingly, the Skill & Knowledge programs offer up to $200k over two years to assist in the recruitment of experienced executives. We predict that will be taken up very quickly.
The repayable grants, which are available between $250,000 and $2 million, must be repaid as a percentage of sales income from outcomes of the project and/or a percentage of company profits, depending on the success of the project.
Before you start, please note that applicants are required to submit a pre-application checklist. Once submitted, applicants will be provided with advice on their project proposal and where appropriate, provided with the application form.
This is a promising start to the Commercialisation Australia initiative. Let’s hope this is a gift that keeps on giving, with small business, entrepreneurs and innovators reaping immediate benefits.
Adrian Spencer is a dedicated grants specialist and founder and CEO of GrantReady. He has accessed over $40 Million for organisations through State and Federal Government grants, rebates and concessions.