The commercialisation of an idea refers to developing a new product, process or service to the stage of releasing it to market. There are a number of steps that are usually undertaken prior to getting an idea to market as part of the innovation process.
Commercialisation Australia can help you get started. They have a number of resources such as networking opportunities, business mentors and case managers with skills to assist your business.
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Commercialisation Australia aims to help researchers, entrepreneurs and innovative businesses take their intellectual property to market. It’s tailored to the needs of each business, and applicants can apply for the component that suits them when they need it.
Commercialisation Australia participants work with a Case Manager and have access to Volunteer Business Mentors. Case Managers have extensive experience in commercialisation, many having taken their own products and services to market, and have good networks within industry.
Commercialisation Australia provides assistance under four key components:
•Skills and Knowledge – grants up to $50 000 to access expert advice and services
•Experienced Executives – grants up to $350 000 over two years (up to $175 000 per year) to engage an experienced Chief Executive Officer or other executive
•Proof of Concept – grants from $50 000 up to $250 000 to assist with establishing the commercial viability of a new product, process or service
•Early Stage Commercialisation – grants from $50 000 up to $2 million to assist with bringing a new product, process or service to market.
What to do…
•Assess your idea against the Eight tests of an innovative idea on the Department of Industry, Innovation, Science, Research and Tertiary Education (DIISRTE) website.
•Find an Innovative Region Centre for business advice on innovation in your area.
•Visit IP Australia to assess these key business questions before Commercialising your IP.
•Read more information on exporting in our Importing and exporting topic.
•Read the Roadmap to Successful Commercialisation (PDF, 0.2MB) workbook on the Business Victoria website.
For more information…
•Visit the Enterprise Connect for more information about innovation programs and assistance for business.
•Visit Commercialisation Australia for more information on commercialising your innovative idea.
•Find out about Innovation in your state and territory for further advice and assistance on innovation.