STARTING from 7 December, Australian entrepreneurs will no longer have to repay Early Stage Commercialisation grants for businesses developing a new product, process, or service.
The government has also raised the annual turnover limit for applicants for the grants from $20 million to $50 million, allowing a greater subset of startups and businesses to get a grant.
To encourage the injection of skilled managers into startups, the government says these businesses also have the option to apply for an upgraded Experienced Executives grant of up to $350,000 – up from $200,000.
Innovation Minister Senator Kim Carr claims these changes to Commercialisation Australia’s grants will give Australian inventions a better chance of flourishing in the market place.
Almost 180 innovators have already benefited from grants of $71.7 million from Commercialisation Australia, as well as expert advice from experienced case managers, to help turn their inventions into marketable products and services.
The eligible expenditure guidelines for Early Stage Commercialisation grants will be amended to provide broader support for the development of pilot manufacturing plants and innovative manufacturing facilities.