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Government grants totalling $6.6 million will be handed out to 11 Australian SMEs, helping the companies bring new product and service innovations to the market.
As part of the Accelerating Commercialisation aspect of the federal government’s Entrepreneur’s Programme, Minister for Industry, Innovation and Science Arthur Sinodinos said that the 11 businesses are the latest in several hundred SMEs to have received like-for-like funding to help launch their new products.
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“To date, under the programme, 253 successful commercialisation grants worth $128.6 million have been awarded to innovative businesses across the country,” Accelerating Commercialisation director Larry Lopez said.
“These grants are supporting projects across a wide range of industry sectors, and with Australian government support, many of the projects are already achieving success in global markets.”
One of the latest businesses to benefit from government funding is a Melbourne business launching a world-first recyclable packing option for temperature-sensitive products, which received the largest grant in this tranche of funding, worth almost $937,000.
Other recipients include technology developers, medical companies and food manufacturers.
According to Mr Sinodinos, grant recipients can use funds for a range of commercialisation activities, including product viability, building supporting processes and services, or preparing them for market.
Eligible businesses are required to match the amount of funds granted.
[Related: Cash flow most common reason businesses seek finance: ABS]
