Minister for Industry and Science, Ian Macfarlane today announced further funding for 24 innovative Australian businesses under the Australian Government’s Entrepreneurs’ Programme.
$14.6 million in commercialisation funding has been offered to help these businesses to commercialise their products for a global market, and this means that under the Entrepreneurs’ Programme 55 companies have now benefitted from this type of assistance.
The funding announced today will help entrepreneurs, inventors and small and medium businesses to commercialise their products. Funding will be provided across a range of industries including the growth sectors: medical technology and pharmaceuticals; advanced manufacturing, food and agribusiness; mining equipment technology and services; and oil, gas and energy resources.
Some of these products included:
- A world first; explosion and waterproof insulated voltage power cable connection system for use in the mining, tunnelling, marine, construction and power transmission industries;
- The development of an innovative hospital operating theatre management system for clinicians, to improve hospital surgery administration, logistics and procedures;
- Commercialisation of a cloud computer platform, which provides the IT tools needed for businesses to deliver and store an IT environment anytime, anywhere, on any device; and
- Commercialisation of a world first UV filter technology to be used in cosmetics, sunscreen, sunglasses, plastics, UV film, paint and wood coating industries to provide consumers with superior UV protection from the sun.
The Entrepreneurs’ Programme offers access to the best advice and networks including Advisers and Facilitators who work directly with entrepreneurs, inventors and businesses to understand their needs and help maximise their opportunities.
The Programme also helps address the challenges associated with commercialising novel intellectual property by:
- accelerating the commercialisation of novel intellectual property in the form of new products, processes and services;
- creating new businesses based on novel intellectual property with high growth potential;
- generating greater commercial and economic returns from both public and private sector research and facilitate investment to drive business growth and competitiveness.
Eligible entities may also receive a matching grant of up to $1 million and these 24 grants today are the third group announced under the Entrepreneurs’ Programme.
These successful businesses will receive grants to invest in commercial products across a range of Australia’s growth sectors to increase their competitiveness and sustainability.
For more information on the Entrepreneurs’ Programme and the grant recipients, visit business.gov.au