The Australian Government’s “Commercialisation Australia – Proof Of Concept Grant” offers grants of between $50,000 and $250,000 to assist eligible businesses with turnovers under $10M to test the commercial viability of the business model or idea for a product, process or service.
For grant percentages up to 50% of the eligible expenditure, funding is available for activities associated with the steps necessary to establish the commercial viability of a new, product, process or service. Proof of Concept eligible activities does not include Research and Development which is funded for companies through the Income Tax Act.
The first step for interested companies is to download the Commercialisation Australia Pre-Application Form from the Commercialisation Australia website located at www.commercialisationaustralia.gov.au.
Applicants for Commercialisation Australia must satisfy the merit criteria, which is:
- need for funding
- commercial plan and potential
- market opportunity
- management capability
- national benefits
If you would like our assistance in completing the Commercialisation Australia Pre-Application Form or for discussions of the practicalities of applying for assistance under the Commercialisation Australia programme, please do not hesitate to contact us.
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Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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