The latest recipients of the Accelerating Commercialisation grants have received $1.7 million in funding.
The three businesses demonstrate how advanced manufacturing can have wider societal benefits.
Gyder Surgical, from Victoria, received over $200,000 to commercialise their surgical navigation system for more precise hip replacement surgery, while Vernx Biotechnology, also from Victoria, received almost $600,000 to take the next steps with their soft gel capsule that can improve gut health. NSW-based LineSoft will make the most of nearly $1 million to commercialise its digital twin technology for electrical utility companies.
Since 2014, 400 grants have distributed $197 million to Australian businesses and are matched by industry funding from the winning businesses.
“The Government is supporting businesses to grow and take their products to global markets, because we know by increasing exports of our home-grown technologies we can provide greater economic security for Australia,” said Minister for Industry, Science and Technology, Karen Andrews.
With Australian manufacturing exports in the field of precision technology and medical and biotechnology known worldwide for their quality, the funding boost will enable the businesses to find global and national buyers, with one condition of the scheme being a want to trade with customers external to the state or territory where the business is located.
“These projects are part of the innovation ecosystem that is integral to Australia’s competitiveness on the world stage,” said Andrews.
The grants provide access to expert guidance, designed to allow businesses to take their products, processes, and services to a wider market. Successful grant applicants receive access to services such as guidance from Commercialisation Advisers, access to the expert network, and promotional opportunities.