The Australian Government’s Commercialisation Australia – Experienced Executive program offers significant assistance to a small medium enterprise which has the ownership, access to, or beneficial use, of any intellectual property necessary to carry out and/or commercialise the product, process or service, for the employment of experienced executives.
A successful applicant must have a turnover of under $10M for each of the last 3 years. Applicants need to be companies. The maximum grant available is $200,000 over a two year period on a 50% grant basis. The grant is to be utilised for the employment of a Chief Executive Officer and/or other commercialisation focused executives to supplement the commercialisation skills within the management team of the applicant company.
Applicants have to satisfy five merit criterion:
- Need for Funding – the applicant has to clarify why they need government assistance.
- Commercial Plan and Potential – the product, service or process should have a competitive advantage.
- Market Opportunity – applicant should have a clear understanding of the gap in the market place for the product, service or process and understand how the product will be distributed.
- Management Capabilities – the management team, especially after the recruitment of the executive(s) being hired with assistance under this program, should appear to have the skills necessary to successfully commercialise the company’s product, services or process.
- National Benefits – the applicant needs to be able to articulate the national benefits which will accrue to Australia resulting from government support for the company to be able to employ an experienced executive(s).
For more information check out Commercialisation Australia online at http://www.commercialisationaustralia.gov.au. If you would like our assistance in completing the Commercialisation Australia Pre-Application Form, 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.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
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The first round of Government grants have been announced for Commercialisation Australia. See the list here http://www.government-grant.com.au/2010/04/commercialisation-australia-round-1-recipients/
Government Grant Guru
http://www.government-grant.com.au
Thanks for sharing.
I also need funds to help with my small business.
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