Extract from Senator the Hon Kim Carr’s recent speech at BioMelbourne Network CEO Forum 29th Sep 2009 –
Commonwealth Commercialisation Institute
Consultations have also been taking place on the new Commonwealth Commercialisation Institute.
It will receive $196 million over the next four years and $82 million a year thereafter to deliver a radically new approach to commercialising the best Australian research.
As well as supporting the commercialisation of promising public sector research, the institute will assist innovative firms with strong growth potential, helping them take their ideas and technologies to market.
It will deliver hands-on support tailored to individual needs, including by providing access to experienced business mentors, specialist commercialisation services, and funding for proof-of-concept and early-stage commercialisation activities.
It will make it easier for public sector researchers and private sector innovators to access the knowledge, skills and capital they need to cross the so-called valley of death.
The Commonwealth Commercialisation Institute will combine with other Australian Government initiatives to ensure that we make the most of Australian inventions and discoveries.
We expect the institute to open for business progressively from early next year.