Where support for Research and Development (R&D) is called for, start-ups will usually look to cash support (grants), or on the tax system as a mechanism to deliver credits or allowances. Whilst we have previously discussed the benefits of the R&D Tax Incentive for start-ups, what grants are on offer to assist innovative companies? If you are an entrepreneur or start-up trying to take your unique intellectual property (IP) to market, one of the most difficult challenges encountered is the commercialisation process.
Accelerating Commercialisation is a key offering under the Entrepreneurs’ Infrastructure Programme (EIP) and works through an Expression of Interest (EOI) process. The key objective is to promote business growth and competitiveness through support for business improvement and economic growth.
Accelerating Commercialisation helps address the challenges associated with commercialising novel intellectual property in the form of new products, processes and services by offering access to experienced Commercialisation Advisers. It also helps facilitate greater commercial and economic returns from public or private research and development investment in order to drive business growth and competitiveness.
To be eligible for the benefits of Accelerating Commercialisation, projects must consist of at least one of the following:
- Complete development of a novel product, process or service
- Prove commercial viability
- Make the first sales in Australia or overseas
- Drive the business towards commercialisation in the marketplace by engaging an experienced Executive.
Ineligible Accelerating Commercialisation projects are those that:
- Focus on basic research or technical experiments
- Scale production or marketing in markets where you have already made your first sales
- Develop a novel product, process or service for internal use only
- Commercialise the next version of an existing product, process or service by minor changes
Successful applicants of the program will receive multiple benefits including an invitation to join the portfolio of Australian businesses undertaking early stage commercialisation activities; guidance from a Commercialisation Adviser to help achieve objectives; an opportunity to access the Expert Network and exposure to investors and multi-national corporations.
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If you would like more information on the R&D tax incentive, contact us today.
