The significance of the importance of the Accelerating Commercialisation Grant has been highlighted by its inclusion in the 100-point eligibility test for the new Early Stage Innovation Companies (ESIC).
If a company has participated in the Accelerating Commercialisation Program, they receive favourable points recognition in determining eligibility for the new type of corporate entity.
Companies that have participated in the Accelerating Commercialisation Program can also receive a “leg up” in determining eligibility for the Innovation Connections Grants.
The normal entry requirements for an Innovation Connection Grant, which supplies special research funding, is that the company will have a minimum turnover of $1.5M and a maximum turnover of $100M, except for companies located in Northern Australia (North of the Tropic of Capricorn in Queensland, Western Australia and whole of the Northern Territory), where the minimum turnover is $750,000. However, if the company has participated in the Accelerating Commercialisation Grant program, the minimum turnover requirements don’t have to be met.
The Accelerating Commercialisation Grant is one of the Federal Government’s major grant programs, which supplies a grant of up to $1M on a 50/50 basis for an eligible applicant. Applications can be submitted by individuals and companies with turnovers of as low as $0. An individual has to agree that, if they’re given an invitation to participate in the Accelerating Commercialisation Grant, they then have to incorporate a company.
The Accelerating Commercialisation Program assists with the commercialisation process that logically follows after research and development expenditure has concluded and an entrepreneur is seeking assistance in successfully commercialising their research and development phase.
To be eligible for admission to the program, projects must involve the commercialisation of novel Intellectual Property in the form of a novel product, process or service. The aim is to achieve one of the following:
- Complete development of a novel product, process or service.
- Prove commercial viability of a novel product, process or service to a customer, investor or strategic partner.
- Make the first sale of the novel product, process or service in Australia or overseas.
- Drive the business towards commercialisation of its novel product, process or service in the marketplace by engaging an experienced executive.
ESS BIZGRANTS incorporates commentary and assists in identifying government grants that might be suitable for individual businesses. This is a great tool for accountants to use to identify to small/medium enterprises that the accountant is proactive in offering a wider range of commercial services.
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