Hanrick Curran has been providing proactive services to small to medium sized enterprises or "SME" business owners for almost 30 years. Through our experience and hands on support of SME businesses we are knowledgeable and efficient in identifying when businesses are entitled to government grants funding.
In our experience, SME business owners have very little awareness of the types of government grant funding available and even less knowledge of how to access them.
This article will put the spotlight on one of the government grants, Commercialisation Australia, which is a merit-based competitive assistance program offering Skills and Knowledge Support to build the skills, knowledge and connections required to commercialise new ideas. This includes:
- Grants of up to $50,000 to pay for Specialist Advice and Services;
- Grants of up to $350,000, over 2 years, to assist with the recruitment of Experienced Executives;
- Proof of Concept grants of $50,000 to $250,000 to test the commercial viability of a product, process or service; and
- Early Stage Commercialisation grants of $50,000 to $2M to develop a new product, process or service to the stage where the product, process or service can be taken to market.
Commercialisation Australia builds on the capacity of Australian researchers, entrepreneurs and innovative firms to take ideas and research to market. It will support projects with the potential for rapid growth, helping to take the innovation to the market place in a timely manner. Case Managers will help to develop the participant's skills and knowledge of the commercialisation process and facilitate access to business mentors' and specialists' advice.
The application process is competitive based on merit criteria and other information as identified under the program guidelines.
Commercialisation Australia is designed to assist applicants intending to commercialise (take to market and to sell) a new clearly identified product, service or process. It is not designed to assist with the development of new internal processes to enhance overall productivity or improvements to existing products, services or processes.
To be eligible to apply for support and funding under the Commercialisation Australia program, applicants must meet the following conditions:
- in respect of a company or individual;
- the applicant must be a non-tax exempt company incorporated under the Corporations Act 2001 at the time of signing an agreement;
- the applicants must have ownership, access to, or the beneficial use of, any intellectual property necessary to carry out and/or commercialise the Commercialisation Australia project;
- the combined turnover of the applicant must be less than the designated turnover limit for each of the 3 years prior to the lodgement of the application; and
- except where the applicant is controlled by an Australian University or Public Funded Research Agency, in which case the turnover of the applicant in isolation must be less than the turnover limit for each of the 3 years prior to the lodgement of the application.
If you would like to explore whether your business is entitled to participate in the Commercialisation Australia program or eligibility for any other government grant, enquire about our "No Grant No Fee" service by speaking with your usual Hanrick Curran Advisor or ask for our Tax Partner Jamie Towers on 07 3218 3900.