Changes to the Commercialisation Australia scheme have come into effect which will mean that businesses developing new products, processes or services will not have to repay Early Stage Commercialisation grants. Further,  the annual turnover limit for applicants has been lifted from $20 million to $50 million.

 

In addition, growing businesses that can benefit from access to skilled managers now have the option to apply for an Experienced Executives grant of up to $350,000 - up from $200,000.

 

Announcing the changes to Commercialisation Australia's grants, Innovation Minister Senator Kim Carr said they would give Australian inventions an even better chance of flourishing in the market place.

 

"Australia is a creative and vibrant nation, but too many of our inventions never see the light of day. We want to turn that around," Senator Carr said.

 

"Commercialisation Australia has a strong track record in supporting Australian businesses to bring innovative products to market. These important changes will ensure it continues to address a growing need and deliver crucial practical assistance in these tough economic times."

 

The changes take effect from 7 December 2011.

 

Senator Carr also announced that from early 2012 more improvements would be introduced to support innovation in the manufacturing sector. 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.

 

More information is at www.commercialisationaustralia.gov.au/