Wyatt Roy announces $7.3 million in funding to help 20 startups on the path to commercialisation
Assistant Minister for Innovation Wyatt Roy has announced a further $7.3 million in funding for 20 companies through the government’s Entrepreneurs’ Programme.
The funding, which has been granted through the Accelerating Commercialisation element of the programme, aims to help startups address the challenges that come with putting a product to market. This latest funding bring the total number of grants awarded by the programme to date up to 75, worth $37 million. Grants range from $50,000 to $1 million.
Roy said the projects featured in the announcement are brilliant examples of Australia’s innovative ideas.
“Australians are great innovators, but we need to turn our great ideas into commercial products…the commercialisation of these products will advance our industries and create new opportunities, as well as ensuring Australia’s intellectual property is protected,” he said.
The projects funded include a kinetic manufacturing 3D printer, a wave energy converter system, a processing plant to extract unique hemp seed products, and a modular dissolved air flotation system.
Projects funded over the past few months include a fully automated steel fabrication system, a dry blood spot pathology testing, and a cleancut concrete saw.
The Entrepreneurs’ Programme also offers business management services, providing advice and facilitation services to improve business capabilities and networks, and a research connections element, helping SMBs engage with researchs and foster innovation.
The focus is on providing access to quality advice and networks, rather than financial assistance, with the programme works through a network of over 100 advisors and facilitators drawn from industry.
The announcement comes just a couple of weeks after Roy teamed up with BlueChilli to run PolicyHack. Minister for Innovation Chris Pyne also sat down with StartupAUS recently to discuss high-priority policy solutions to help startups, with the recommended solutions including the creation of income and capital gains tax incentives for early-stage startup investments and doubling R&D tax concessions.
The Labor Party has also been highlighting its support of the startup ecosystem over the last few months. It announced today that, if it wins the next Federal Election, it will be putting $4.5 million towards encouraging girls to learn how to code. The funding will go towards grants and programs facilitating mentoring, networking opportunities, and the training of volunteer teachers.