The Federal Government has opened a new $30 million Commercialisation Fund, with the aim of fostering projects that bring industry and researchers together to commercialise new manufacturing products and processes.
According to Industry, Science and Technology Minister Karen Andrews, making science and technology work for industry is one of the central pillars of the Federal Government’s $1.5 billion Modern Manufacturing Strategy.
“The Federal Government is positioning Australia’s manufacturing industry at the cutting edge of innovation and this fund will help bring together the best of research and manufacturing capability to generate commercial outcomes,” she said.
Consistent with all programs under the Modern Manufacturing Strategy, this fund will support projects within the Federal Government’s six National Manufacturing Priorities.
These priorities are: Recycling and Clean Energy, Medical Products, Food and Beverage, Resources Technology and Critical Minerals Processing, Defence and Space.
Commercialisation Fund grants will be between $100,000 and $1 million and must be matched by industry.
“These smaller-sized grants will complement the larger projects that will be supported through the $1.3 billion Modern Manufacturing Initiative,” Andrews said.
Projects must include collaboration with a research partner and a minimum of one industry partner.
The fund will run over an 18-month period. The first round of funding, which opened 11 March, will provide $20 million, while a subsequent round will deliver the remaining $10 million.