Accelerating Commercialisation is a key Australian Government grants and assistance program that provides businesses with access to expert advice and matched funding up to $1 million to cover eligible commercialisation costs to help them take novel products, processes and services to market. The Accelerating Commercialisation Program is administered by AusIndustry and replaced the previous Commercial Ready Program.
In order to apply, applicants must be either a for-profit company registered and operating in Australia, a commercialisation office or Eligible Partner Entity, or individuals, partnerships or trustees who agree to form a for-profit company.
Applicants must first receive Commercialisation Guidance, after which they can apply for an Accelerating Commercialisation Grant. Applicants must meet each of the following conditions:
- have a novel product, process or service they wish to commercialise;
- have the ownership, access or beneficial use of the intellectual property to undertake the commercialisation of the project;
- have a combined annual turnover of less than $20 million for each of the three financial years prior to the lodgement of the application; and
- show they can fund at least 50% of the project expenditure. This may include labour (plus on-costs), contracts, manufacturing plant, pilot and prototype manufacturing expenditure.
Your project may cover activities at a particular stage of the commercialisation process only or cover the entire process from determining a commercialisation strategy to achieving first sales. It is generally expected that technical proof of concept has been achieved (e.g. through a prototype) before an application for assistance is submitted.
Eligible expenditure includes the following types of expenditure:
- Labour expenditure (plus on-costs);
- Contract expenditure;
- Plant expenditure;
- State-of-the-art manufacturing plant or pilot manufacturing plant;
- Prototype expenditure; and
- Other expenditure.
Our Accelerating Commercialisation Expertise
Greenwich and Co are experienced in the preparation of financial assistance grants for our clients and we understand the intricacies of the Accelerating Commercialisation application process. If your business has a novel product or service that you would like to commercialise and would like to enquire whether this grant could help, we are well positioned to assist you to determine your potential eligibility.
Our extensive range of services includes:
- Accelerating Commercialisation Eligibility Assessments;
- Grant Preparation and Submission;
- Record Keeping; and
- AusIndustry Risk Reviews and Program Statutory Audits.
Speak with us today about how we can assist your business in assessing your business’s eligibility or in managing any stage of the submission and application process.