January 2010 has marked the start of exciting times for researchers, entrepreneurs and innovative companies - all thanks to an initiative launched by the Department of Innovation, Industry, Science and Research (DIISR).

This initiative is known as ‘COMMERCIALISATION AUSTRALIA’. The inspiration has come from the Australian Government’s effort to offer grants up to $50,000 to eligible candidates to help them gain expert business advice.

HOW DOES THE GRANT WORK?

IP Australia together with the DISSR is keen to encourage the conversion of ideas into thriving marketable business enterprises. This overlap of innovation will allow businesses to work closely with researchers and entrepreneurs.   

This grant includes fees for the cost of searching and filing a patent application together with examination and maintenance fees.  The grant also covers services such as intellectual property management.

This is a highly competitive program and is purely merit based. Commercialization Australia helps boost the skills and knowledge needed to better market and sell new ideas. The grant of $50,000 will go a long way in realising this idea in the business communities.

The focus, as the name suggests, is on commercialisation. The program provides individualised and focused assistance. The Case Manager understands the needs of each applicant and carefully guides them throughout the different stages in the commercialisation process.         

WHO IS ELIGIBLE?

Eligible applicants include companies, individuals looking to form a company, researchers in the private sector as well as universities and individuals. 

There are four components of funding. Applicants need to decide which component applies to them. This is a flexible program and applicants can submit single or multiple applications. The first stage assesses a Pre Application Form. If this is successful, the next stage involves assessment of the project itself. 

The time is now ripe for eligible stakeholders to make the most from this government initiative. This is also a great opportunity for companies to reflect on their potential and overcome any apprehensions.

It has been said that ‘An asset can be valued, invested in, sold and licensed. An idea cannot.’

Companies, no matter their size, may have excellent ideas. Implementing these ideas is where they take a beating. A lack of skills, resources, knowledge and ability to respond quickly enough, holds these companies back. 

This IP initiative in Australia will take businesses beyond the realm of just thinking – it will generate profitable and meaningful opportunities by helping to turn ideas into products and services.