Crop Biotech Update

Australia Commercialization Initiative

November 13, 2009

Australia has allotted $196 million for a Commercialization Australia initiative which aims to get Australian ideas to market and create jobs. It is set to open in early 2010. Senator Kim Carr, Minister for Innovation, Industry, Science and Research said that "The radical new program for commercializing research will take a completely new approach to innovation assistance. It will tailor assistance to applicants' needs, not fit the applicant to the program. It is specifically designed to boost early stage commercialization by leveraging private sector capital and expertise."

Those availing of the program will have access to a case manager to assist in the commercialization process, specialist advice and services, $250,000 support for proof of concept activities and repayable funding of up to $2 million for early stage commercialization activities.

For additional information on Commercialization Australia, visit http://www.innovation.gov.au/CommercialisationAustralia.