The Turnbull Government has announced a $7.6 million funding boost for businesses that have developed innovative new products but need financial support and expert advice to commercialise their ideas.
The grants, which are provided as part of the Australian Government’s Entrepreneurs’ Programme on a dollar-for-dollar matching basis, will help twenty-two Australian entrepreneurs, researchers and businesses address key challenges on the pathway to commercialisation.
One of the products that will get a funding boost on its way to market is a device called 3D ‘laser eyes’ for self-driving cars.
This technology is small, cheap, ultra-reliable and immune to interference, allowing driverless cars to navigate complex urban environments.
Another product earmarked for financial assistance is a personal safety monitor for the heavy industrial, oil and gas and mining sectors that will alert a remote operator to potential hazard locations for workers and provide emergency communication to them.
Some of the other products and services selected to receive a funding boost include:
- Software and technology to enable doctors and biomedical engineers to plan patient specific orthopaedic surgeries using customised orthopaedic devices, cutting costs and improving patient outcomes.
- A peer-to-peer mobile-based marketplace for selling pre-loved goods that allows sellers to donate portions of their proceeds to charity, club, and school fundraising.
- New marine safety equipment that will help save lives at sea in the event of an emergency.
- Solar powered refrigeration equipment designed for use in remote areas, with potential applications including for produce, food, medicine, emergency services and defence.
A total of 168 organisations have thus far benefited from over $85.7 million in commercialisation funding, as well as support from experienced commercialisation advisers.
Australian entrepreneurs, researchers and businesses looking to apply for an Entrepreneurs’ Programme commercialisation grant may do so at: business.gov.au/ep.
